DEFINITION of 'Property'
1. Anything over which a person or business has legal title. Property may be tangible or intangible, but it is owned by an entity and is therefore considered an asset or a liability attributable to that entity.
2. An employee who is under contract because he or she has something - skills, talents, etc. - of such value that a business may not be able to function without his or her services.
3. Another way of saying real property, real estate or land.
BREAKING DOWN 'Property'
1. Some examples of tangible property that may be included as assets of a business are furniture, fixtures and equipment. Intangible property includes copywritten material, ideas, patents, rights and so on.
2. Because of their importance to the companies for which they work, some employees are under contract and actually considered to be the property of a business for a period of time. For example, celebrities and professional athletes are often termed the "exclusive property" of the production companies, sports franchises or other corporations that have them under contract (for example, a basketball star who endorses footwear for a company like Nike or Reebok may be that company's "exclusive property").
3. Land and buildings are examples of real property.