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Simple English definitions for legal terms
new asset
Read a random definition: labor and materials
A quick definition of new asset:
A new asset is something that someone owns and has value. It can be anything from money to property to equipment. When someone has assets, it means they have things that are valuable and can be used to pay off debts or distribute to others. A new asset is just something that has recently been acquired and is now considered part of someone's overall assets.
A more thorough explanation:
A new asset is an item that is owned and has value. It can be anything from cash, inventory, equipment, real estate, accounts receivable, and goodwill. It can also refer to all the property of a person available for paying debts or for distribution.
For example, if a company purchases a new piece of equipment, it becomes a new asset for the company. Similarly, if a person inherits a property, it becomes a new asset for that person.
New assets are important for businesses and individuals as they increase their net worth and can be used to generate income or pay off debts.