is a set of non-material assets of a company - it includes a brand, business reputation, steady position in the market, quality of management, coordination of personnel work (team work). Business reputation of an enterprise in structure of intangible benefits is defined in article 150 of the Civil Code of the Russian Federation.

Goodwill can be considered from two points of view. One of them is the cost of practically all elements of non-material assets of an enterprise, the another is the size, on which the cost of business of an enterprise surpasses the market cost of its material assets and the part of non-material assests, reflected in the balance of an enterprise. An appraiser considers the concept "goodwill" in the second meaning at carrying out an appraisal of business reputation of a firm. Goodwill arises, when the enterprise receives stable, high profit and its return on assets (or on own capital) is above the average within the branch, therefore the cost of business surpasses cost of its pure assets. Goodwill as an economic size is calculated on balance only at the moment of change of the owner of an enterprise.

The basic properties of goodwill: exists only at presence of the superfluous profit; cannot be separated from an operating enterprise, i.e. cannot be sold separately from it. In case of sale and purchase of an operating business, carrying out of an appraisal of business reputation of firm is a necessary condition of revealing of a fair market price of the business.

Goodwill:

• exists only at presence of the superfluous profit;
• cannot be separated from an operating enterprise, i.e. cannot be sold separately from the enterprise.