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Simple English definitions for legal terms
tangible asset
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A quick definition of tangible asset:
A tangible asset is something you own that has value and you can touch or see, like money, equipment, or property. It's listed on a balance sheet along with other things you own. There are also other types of assets, like ones you can't touch, such as patents or trademarks.A more thorough explanation:
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:
- A company's equipment, such as computers, machinery, and vehicles, are tangible assets.
- Real estate, such as land and buildings, are also tangible assets.
- Cash and accounts receivable are tangible assets that can be easily converted into cash.
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.