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In the broadest terms, an asset is something that is:

  • Owned / controlled by the company.
  • Going to last for more than 1 year.
  • Intended to be used in the company to generate more income.

For example, a telephone used to make business calls, or a tool for your work such as a laptop, would qualify.

You might decide to bring an item under company ownership as an asset so you can obtain certain benefits

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