In the valuation of businesses, a License qualifies as one of the intangible assets which can be available to business entities. Licenses granted through governmental permission give authorisation to entities to undertake a certain kind of business. Beyond a governmental body, professional licenses granted to doctors, lawyers, accountants, and so on, are included in the business license category of intangible assets. A License may also be a private grant of the right to use intellectual property such as a patent or copyright. Depending on the nature of the business and the regulatory environment, the ownership or right to use a license command significant value to the owner or user. A License belongs to the category of intangible assets sometimes referred to as “contract-based intangible assets” which provides value to the owner or user as a result of a written, legally enforceable contractual arrangement and gives the owner or user the right to conduct all or part of the subject business. Licenses qualify as intangible assets because they can be identified, separated from underlying tangible assets, and the associated economic benefits can be accurately measured. To estimate the fair market value of licenses, business valuators apply techniques under the cost, market, and income methods.