Definition - What does Intangible Asset mean?
An intangible asset is an asset that does not exist as a physical entity in reality, but rather exists as a conceptual or non-physical entity. In the context of the law, ownership of intangible assets is legally enforceable, just as with the ownership of tangible assets. In other words, intangible assets can represent certain amounts of wealth and are owned in the same way that physical or tangible assets are.
Justipedia explains Intangible Asset
Intangible assets are commonly owned and used in business. For example, trademarks, intellectual property, Internet domain names and non-competition agreements are all examples of business-related intangible assets. Even though intangible assets are non-physical entities, they still can be extremely valuable. For example, one corporation may attempt to buy a piece of intellectual property from another corporation for millions or even billions of dollars. Lawsuits commonly arise over disputes of ownership or the improper use of intangible assets.
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