Tangible assets are physical assets such as land, vehicles or equipment. They form the backbone of a company by providing the means to produce goods and services. But, they risk damage from a naturally occurring incident, such as a storm, or by theft or accident.Tangible assets are current or fixed. Current assets are inventory or items a company turns into cash to ease debt problems. Fixed assets are physical items a company owns but doesn’t sell, including the machinery and land needed to keep the business running. Intangible assets are non-physical items, including patents, trademarks, goodwill and copyrights. Depending on the business, they can be Internet domains, licensing agreements, software, blueprints, medical records, trade secrets and other assets. Intangible assets add to a company’s future worth, and they can be much more valuable than tangible assets. Tangible and intangible assets are recorded on a balance sheet. The balance sheet provides the information companies need when considering expansion, and that banks and investors need to determine a company’s worth.