In general, any list of assets currently in possession. With respect to a business, all goods or other property currently on hand (e.g., the total amount of goods currently stocked and shelved at a store).
Definition from Nolo’s Plain-English Law Dictionary
1) Property a business owns for resale. 2) In probate, a complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The personal representative (executor or administrator) of the estate is responsible for filing the inventory.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:18 pm