Fixed assets are used to facilitate your business's operations and are not held for resale. Inventory held for resale, therefore, is not a fixed asset. Generally, fixed assets may be both tangible and intangible. Tangible fixed assets include furniture, fixtures, tools, equipment, vehicles and buildings. The asset may be real or personal property. Intangible fixed assets consist of such things as copyrights, patents, licenses, franchises, leases, subscription lists, and goodwill. A fixed asset may deteriorate over a period of time (vehicle), or last indefinitely (land).