Concept
of property
Property
designates those things that are commonly recognized as being the possessions
of an individual or a group. A right of ownership is associated with property
that establishes the good as being "one's own thing" in relation to
other individuals or groups, assuring the owner the right to dispense with the
property in a manner he or she deems fit, whether to use or not use, exclude
others from using, or to transfer ownership.
Types
of property:
Generally, there are two types of property
1) Tangible
property
2) Intangible
property.
Types of tangible property:
There are three types of tangible
property
a) Property: Property includes the building and land where the
business operates.
b) Plant: Plant refers to the area in which workers manufacture
products or render services.
c) Equipment: they are the instruments used to produce goods.
Intangible property: Intangible property is
property that does not derive its value from physical attributes.
Example: Patents, software, trademarks and license are
examples of intangible property.
Intellectual property:
Intellectual property is a broad categorical description for the set of
intangibles owned and legally protected by a company from outside use or
implementation without consent. The concept of intellectual property relates to
the fact that certain products of human intellect should be afforded the same
protective rights that apply to physical property. Most developed economies have
legal measures in place to protect both forms of property.
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