The intangible value inherent in a business apart from its tangible assets, which encompass buildings, land, and fixtures, and also the overall value of a business in its entirety, consisting of all its parts, both tangible and intangible.
Goodwill is an intangible business asset representing the value derived from customer and supplier relationships, brand recognition, and other non-physical factors that add to the company's value. It is differentiated from tangible assets and is not subject to ad valorem taxes in most jurisdictions.
