Out of the following, when will the need for valuation of goodwill not arise:

Dissolution of partnership firm

Goodwill is the value of a business that exceeds the value of its assets. It is intangible and can be attributed to factors such as brand recognition, customer loyalty, and location. Goodwill is valued when there is a change in the ownership of a business. This can happen when a new partner is admitted, an existing partner retires, or an existing partner dies. The need for valuation of goodwill does not arise when a partnership firm is dissolving.