Long-lived assets that are intangible in nature, used in the operations of the business, and not held for sale in the ordinary course of business are called fixed assets.

Intangible Assets

Non-physical assets owned by a business, such as patents, copyrights, trademarks, and goodwill, that provide economic benefits.

Fixed Assets

Long-term tangible assets held for business use and not expected to be converted into cash in the short term, such as buildings, machinery, and vehicles.