Goodwill is a long-term asset categorized as an intangible asset. Goodwill arises when a company acquires another entire business. The amount of goodwill is the cost to purchase the business minus the fair market value of the tangible assets, the intangible assets that can be identified, and the liabilities obtained in the purchase.
Related Terms. Person who binds himself or herself, or the entity he or she is authorized to represent, by his or her signature to the terms of an agreement. By becoming a signatory on the loan, he was responsible to pay the bank $500 every month by the 31st or he would be taken to court over his failure to pay.
More often banks require a corporate resolution or other written agreement signed by the board of directors authorizing specific individuals as signers on the account. Some banks supply their own templates for small, private corporations to use. Related Reading: How to Add a Signatory on a Bank Account.