Identifying Business Assets
A business is usually an entity where people interact with each other. In such an entity, individuals work collectively to either create and promote products or services, or else to sell and make available other people’s products or services on behalf of another individual or group of individuals. Others also purchase the goods or services personally from the business owner.
The term ‘professional services businesses’ can be used in relation to any type of business where individuals engage in the provision of professional services such as accounting, law, writing, management, and marketing etc. The term ‘qualified business means’ can be used in relation to any type of business that has been established and which involves the provision of professional services by one or more persons engaged in the business. Professional services are usually required in large businesses and organizations. For instance, an organization which deals in loans, securities, insurance, real estate, or even communications would require the provision of accounting, research, management, or even marketing services, depending on its size. However, the term ‘qualified business means’ can be used in relation to any type of business that involves the provision of professional services by one or more persons.
The term ‘business means’ has various meanings in different contexts. In certain contexts, it means the whole of a business or the body of a business. In other contexts, the term refers specifically to one type of business or to a set of activities associated with one type of business. Similarly, the term ‘business assets’ refers to those resources that a business owns or produces and that is not immediately associated with that business. A further meaning of the term is’residuals’, i.e., things that a business owns but does not use immediately or easily available as replacement for cash that would be needed to finance the business operations.