Goodwill valuation

My wife and I are accountants and started a small practice in partnership (equal shares) in November 2006. In March 2009 we transferred our partnership into a limited company.

I hold a 75% share and my wife has 25% (she is less involved than in the partnership).

We are preparing the company’s first accounts and I would value readers’ views on the principles of creating and valuing the goodwill on incorporation and whether this can be sold to the company to allow drawing on director’s loan account and the amortisation under FA 2002 Sch 29 paras 117 and 118.

Do we have free goodwill (being a measure of the business value such as for example transferable clients’ list or general reputation) or personal goodwill (being technical skills of the proprietors)?

They both seem...