Property is anything that a person or business has legal ownership over. Property can be either tangible or intangible, and having legal title to property grants the owner certain enforceable rights. Typical examples of a tangible property include real estate (also known as real property), vehicles, furniture, and equipment.
Most property has some monetary or potential value attached to it and is considered an asset. However, property can also be a liability. For example, injury to a customer on company property opens up the company to legal responsibility.
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