Just like an individual, even businesses are known to have personal properties. However, the types of personal property owned by a business are completely different. Not just that, but even the tax-related issues involved are quite different.
By the personal property of business, we mean the type of property that can be moved and is not associated or affixed to the land. In other words, personal property includes every other thing except buildings and land, which are known as real property.
Types of personal property of a business
Personal property of a business is known to include everything that can be moved. For example, even a calculator is considered to be the personal property of a business. Big machines such as computers, manufacturing equipment, vehicles, etc., are all a part of personal property. All these things can be moved from its place, and thus, they are counted as personal property.
Personal property can be of different types. It includes:
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