Assets can be categorised into tangible and intangible assets. 

Things we can touch and things we cannot.

They represent a value to the business, something that could be available to help meet debts & commitments if needed.  

Tangible assets are things we can touch and things that can easily be turned into cash. 

Below are a few examples.

∙Property

∙Cash on hand
∙Tools, Equipment & Materials
∙Inventory
∙Land

⚖️ Intangible assets are things we cannot touch. 

They cannot necessarily be transferred into available funds, but represent value to the business.
∙Goodwill
∙Accounts receivable
∙Copyright
∙Licences
∙Patents

It is important to make note of what represents an asset to a business.
Having knowledge of the business assets is vital when exploring funding options or if choosing to value or sell a business.

If unsure, get advice. Make sure to get it right. Your business could be worth more than you realise!