An Environmental Permit is an approval, permission, clearance or consent granted by a governmental agency, especially an environmental protection agency, to an organisation to operate a business or undertake any endeavour which can have an adverse effect on the environment. The permit establishes the standards and parameters under which the activity under consideration has been executed. In the field of business valuation, an Environmental Permit qualifies as an intangible asset because it is identifiable, separable and the potential value can be accurately measured. Intangible assets are a class of assets without physical form (such as a building) which generate economic benefits to the owners. To estimate the fair market value of environmental permit, business valuators apply techniques under the market, asset and income valuation methods.