Simple English definitions for legal terms
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Definition: A tangible asset is an item that is owned and has value. It can be physically touched or seen, such as cash, inventory, equipment, real estate, accounts receivable, and goodwill. Tangible assets are listed on a balance sheet and can be used to pay debts or distributed in case of bankruptcy or death.
Examples:
The examples illustrate that tangible assets are physical items that have value and can be used to generate income or pay debts. They are important for businesses and individuals to manage and maintain to ensure financial stability.