In business valuation analysis, a Permit qualifies as one of the intangible assets possessed by entities granted such authorisation to undertake a certain kind of business. A Permit may be defined as a license or other documents given by an authorised public official or agency to allow a person or business to undertake certain activities. A Permit 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. To estimate the fair market value of permits, business valuation analysts apply techniques under the cost, market, and income methods. Permits qualify as intangible assets because they can be identified, separated from underlying tangible assets and the associated economic benefits can be accurately measured.