company property
Definition
Company property refers to any physical or intangible assets that belong to the business rather than to individual employees or owners personally. This includes obvious things like equipment, vehicles, and office furniture, but also extends to intellectual property, customer lists, software, and even the company's brand name.
Example
If your employee uses a company laptop to develop a new software tool during work hours, that tool is company property, not something the employee can take with them when they leave.
Watch Out
Many business owners blur the line between personal and company property, which can create serious tax problems and expose your personal assets to business lawsuits.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.