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LSDefine
Simple English definitions for legal terms
intangible asset
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A quick definition of intangible asset:
Intangible asset: An intangible asset is something valuable that a company owns, but you can't touch or see it. It's not a physical thing like a building or a car. Instead, it's something like a brand name, a patent, or a copyright. These things can be very important to a company because they can help it make money or protect its ideas from being copied by others.
A more thorough explanation:
Definition: An intangible asset is a type of asset that does not have a physical form but has value to a company or individual. It can include things like intellectual property, brand recognition, and goodwill.
Examples:
- Patents
- Trademarks
- Copyrights
- Goodwill
- Brand recognition
These examples illustrate the definition of intangible assets because they are all assets that do not have a physical form but have value to a company or individual. For example, a patent is a legal right granted to an inventor that gives them exclusive rights to their invention for a certain period of time. This can be a valuable asset to a company because it gives them a competitive advantage in the market. Similarly, brand recognition and goodwill are intangible assets that can be valuable to a company because they help to build customer loyalty and trust.