Business Bankruptcy: What is a business asset?

A business asset is anything that the business owns. That seems pretty obvious, and it does include obvious things, but it also includes many things that may not be obvious. Obvious examples would be products the business makes, the raw materials that the business uses to make those products, and the tools involved in the process. Some examples that might not be immediately obvious include things like:

An additional wrinkle comes up when a business and a business owner have been comingling their assets. This is very common with small business owners, who may do things like use their personal bank account to conduct business transactions, use their own vehicle for business activity, or use a business vehicle for their own activity. When comingling muddies the waters, a business owner could open themselves, and their personal stuff, up to liability to a litigious creditor.

An experienced bankruptcy attorney can help to identify assets that an owner may not think of right away, as well as explain any issues that could result from comingling.