Many businesses have long-term assets on their balance sheets. For an asset to be considered long-term it needs to be held on a company’s balance sheet for more than a year and cannot be intended for sale. Examples of long-term assets include physical assets such as property, plant and equipment (PP&E) – machines, buildings, office equipment, vehicles, fixtures, land, computers, etc. These are all tangible assets. However, there are some intangible assets that are considered long-term such as goodwill, patents, research and development, and copyrights.