(sÄt) v. set, setÂ·ting, sets. v.tr. 1. To put in a specified position or arrangement; place: set a book on a table; set the photo next to the flowers. 2. a. To put into a specified state: set the prisoner at liberty; set the house ablaze; set the machine in motion.
Intangible asset. An intangible asset is an asset that lacks physical substance (unlike physical assets such as machinery and buildings) and usually is very hard to evaluate. It includes patents, copyrights, franchises, goodwill, trademarks, trade names, the general interpretation also includes software and other intangible computer based assets.
What are Intangible Assets? Intangible assets are the long-term assets of the company that do not have any physical existence. Some of the popular assets that come under intangible assets include copyrights, goodwill, non-compete agreements, patents etc. Intangible assets are acquired in small business combinations or are developed internally.