Property and goodwill of the firm

Property of the firm:

It is open to partners to determine by agreement among them as to what shall be the property of the firm and what shall be the seprate property of one or more of the partners.

The property of the firm, in the absence of a contract to the contrary includes-

1.all property originally brought into the common stock of the firm;

2.all rights or interests in the property, originally so brought.

3.all property acquired for the proposed and in the course of the business of the firm.

4.good will of the business of the firm.

Goodwill:

The property of a firm, in the absence of a contract to the country includes the goodwill of the business the term goodwill is not defined in the acyt. It is property speaking a commercial rather than a legal term.

Agreement between partners in restraint of trade:

Every agreement by which anyone is restrained from excersicing a lawful profession, trade or business of any kind is, to that extant, void, but the partners of a firm may agree that a partner shall not carry on any business other than that of the partner of the agreement.