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Is it goodwill?
I act for a sole trader who supplies labour in engineering contracting. The business is profitable and anticipated profits in the current year are £180 000. The client has determined to incorporate the business.
There are no chargeable assets beyond potential goodwill.
My client assures me that his trading name has no goodwill attached. It is a competitive business; he has contacts and tenders for the work and engages the labour.
No one would be prepared to pay any significant sum for the use of his trading name.
Why should they? If he were not tendering for the work there are plenty of other contractors.
He works from home the work is all carried out on site and he moves his men around the country to different sites as necessary.
It seems to me that there is no goodwill of any...
