Intangible assets are non-physical assets that often hold significant value, representing benefits and rights such as intellectual property (’IP’). The two common types of intellectual property are formal IP and informal IP and they can incorporate various types of intangible assets. Some examples of intangible assets include patents, trademarks, copyrights, trade secrets, customer relationships, software, contracts and even goodwill, which is often referred to as an intangible asset. These IP assets usually contribute significantly to a business’s value and competitive advantage.