Goodwill Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Goodwill, written in plain English, along with examples of how it is used.

What is Goodwill?

(n) Goodwill is the advantage and reputation gathered, build-up or otherwise acquired by a business house during the course of its business life by better and satisfactory services. Good will is an asset to any business because it gives advantages over the competition