Questions Legal

What is intangible personal property?

Airtract

Payal Waqif

Work for a better future

Investing in properties is one of the best ways to ensure maximum returns and thus securing our future. But before investing in any types of properties, you need to have a better understanding of the same.

In this module, we’ll discuss the intangible properties.

What is an intangible property?
The properties which cannot be physically touched are called intangible properties. They are also termed as incorporeal/intellectual properties. Few examples of intangible properties include:

  • Trademarks
    Trademarks are visual representation comprising of an image, or a word, or both, and is unique for every company. 
  • Patents
    Patents are legal rights which grant a company to reproduce or sell a particular idea/invention. Patents are of three types- Utility Patents, Design Patent, and Plant patent.

  • Goodwill
    Goodwill is the difference between the cost incurred to acquire the ownership of a company and the fair value of its assets. 

  • Copyrights
    Copyrights are the amortizable type of intangible assets, which grants a person/company to reproduce a particular work/item, which can be anything like poetry, games, food and beverages, songs, etc.

Few other types of intangible properties include:

  • Domain names

  • Licensing Agreements

  • Medical Records

  • Different permits

  • Trade Secrets

  • Ownership of a corporation (Brand of a company)

Intangible Properties are crucial for the future growth of a company and hence are somewhat more valuable than tangible assets. Intangible Properties are mainly of the following types:

  • Legal Intangible Property
    Intangible properties which can be owned by a company or a person and can be transferred to another person/company.

  • Competitive Intangible Property
    Intangible Properties from which the legal intangible properties are created and can neither be owned by a person/company, or transferred, or extinguished. 

Some of the sectors with a large proportion of intangible assets include:

  • Technology

  • Automobile Sectors

  • Healthcare Sectors

  • Entertainment Sectors

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