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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 West Virginia, a business asset encompasses anything 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 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 state statutes and federal law, which dictate how they are to be accounted for in financial statements, taxed, and handled during the sale or dissolution of a business. For instance, tangible assets are subject to property tax, and intangible assets may influence the overall valuation of a business for tax and sale purposes. Additionally, intellectual property laws at the federal level protect the rights of businesses to their unique creations and innovations.

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Business

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Wall Street Quality Legal Services Customized for Main Street Businesses

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West-Virginia State Code

West-Virginia State Code

Business

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