Intangible asset
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Intangible assets are defined as assets that are not physical in nature.
The discussion of what intangible assets are is often preceded by a definition of what they are not, i.e. real property, goods, money, negotiable securities, negotiable instruments, letters of credit, and documents of title are not intangible assets.
The Uniform Commercial Code (Section 9-104) defines "general intangibles" as "any personal property...other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter of credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. The term includes payment intangibles and software."
Goodwill
The most common form of intangible asset for a business is goodwill. This is the customer base that the business has built up and is the principal reason that a business might sell for more than the value of the tangible assets.
See intangibles for more on the general issues involved in all forms of intangible and intangible capital valuation.