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Personal Goodwill in Business Transactions and Divorce Cases (Update)

1h 1m

Created on November 15, 2019

Intermediate

$89

Overview

The concept of personal goodwill, though not widely known, is an important one to attorneys, accountants, and business people. Knowing and understanding personal goodwill provides an upper hand in issues where business assets are a key component. In this program, Roman A. Basi, attorney, certified public accountant (CPA), registered real estate broker, and President of The Center for Financial, Legal & Tax Planning, will discuss the effects of personal goodwill in business transactions and divorce cases. 

Personal goodwill is a key element in the purchase or sale of a business. The separation of company goodwill from personal goodwill can have a major impact on the taxes paid by a seller of a business. More specifically, based on the corporate entity's elected tax status, personal goodwill could be the ultimate determinant on a seller's net cash when selling a business. Moreover, personal goodwill plays a role when a business owner is faced with a divorce. It is very important, when valuing a business that is subject to a divorce case, that the parties determine the value of the personal goodwill of the spouse that exercises ownership in the business. Ultimately this course will provide the need-to- know information when dealing with personal goodwill.


Learning Objectives:

  1. Discuss what personal goodwill means
  2. Examine how personal goodwill can affect business transactions, especially ones that may involve a divorce

  3. Identify and understand the legal rules associated with personal goodwill

  4. Develop policies for the allocation of personal goodwill in business transactions and contracts

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