A business asset is any property of value—including tangible assets (real estate, machinery, buildings, building fixtures, tools, vehicles, equipment, computers, printers, furniture, warehouse shelving, cash, inventory), and intangible assets (accounts receivable, prepaid expenses, software licenses, vendor relationships, corporate brand, patents, copyrights, trademarks, goodwill, trade secrets).
In Virginia, a business asset encompasses both tangible and intangible items of value owned by a business. Tangible assets include physical items such as real estate, machinery, buildings and their fixtures, tools, vehicles, equipment, computers, and inventory. Intangible assets, on the other hand, are non-physical and include items such as accounts receivable, prepaid expenses, software licenses, business relationships, brand reputation, and intellectual property rights like patents, copyrights, trademarks, and trade secrets. The valuation and treatment of these assets are governed by various state statutes and federal laws, which dictate how they are to be accounted for in financial statements, taxed, and handled during business transactions, such as sales or mergers. Additionally, certain regulations may apply to the protection of intellectual property and the recording of assets for tax purposes.