Business Law Newsletter

• Intellectual Property Created in the Course of Employment
  Generally, “intellectual property” is any intangible property, such as knowledge of a process, a musical composition or a trademark associated with a product. There are typically four specific areas of intellectual property:... Read more.
• The Unrelated Business Income Tax (UBIT)
  Nonprofit organizations, e.g., charities, were historically not taxed. In 1950, however, an amendment to the Internal Revenue Code made taxable income earned from activities that did not further the tax-exempt purposes of such... Read more.
• Whether Trademarks Used in Keyword Searches Constitutes Infringement
  Over the past few years, Internet search engines, such as Google or Yahoo, have generated large revenues by selling advertising through sponsored links or pop-up ads. For example, businesses pay a fee to Google to have their... Read more.
• The Department of Labor's PERM System for Foreign Labor Certification
  One avenue that allows an employer to hire a foreign worker to work permanently in the U.S. entails a “permanent labor certification” through the Federal Department of Labor (DOL). Before the employer can submit a petition... Read more.

• LaGrange sues honey business, Dutchess Legislature after ‘controversial’ court decision
• Business Dispute Among Family Members Leads to $5 Million Verdict in Ocean
• Tribe wins dispute with developer over Rohnert Park casino
• Long-delayed solar project at San Ysidro schools completed, now subject of lawsuit
• AJC POLITICS: Kemp legal bout over $500K loan looms over Ga. gov race

What is "Good Will"

The “good will” of a business is an intangible asset, like the reputation, skill, or experience that is associated with the business. It also refers to the rate of recurring patronage that a business has developed over time with the general public.

Ownership

The good will of a business belongs to the business owner. It might be owned by either an individual or a corporation, but not by stockholders. The representative of a business is not personally connected to the business’ good will.

The ownership of good will may be transferred when the business is sold, but it cannot be sold apart from a business’ physical property. Good will ownership may also be transferred even when it is only implied and not specified in a contract. For example, the good will of a business trade name or trademark would be automatically transferred upon the sale.

Unfair Competition

The former owner of a business may conduct a similar business and even draw in former patrons. But it is not fair play if the former owner purposely confuses the public into thinking that a new business is the former business. This is unfair competition, and the new owner may be able to take action.

Remedies

An injunction may be imposed upon the former owner, disallowing any further activity that would cause public confusion and loss of profits to the new owner. If fraudulent activity has occurred, monetary damages may be awarded.

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