Custom post type and taxonomy

/**
 * Register assets as custom post type
 */
function jvs_assets_custom_post() {
  $labels = array(
    'name' => __('Portfolio', 'cdp'),
    'singular_name' => __('Asset', 'cdp') ,
    'add_new' => __('Add Asset', 'cdp'),
    'add_new_item' => __('Add New Asset', 'cdp'),
    'edit_item' => __('Edit Asset', 'cdp'),
    'new_item' => __('New Asset', 'cdp'),
    'view_item' => __('View Asset', 'cdp'),
    'search_items' => __('Search Assets', 'cdp'),
    'not_found' =>  __('No assets found', 'cdp'),
    'not_found_in_trash' => __('No assets found in Trash', 'cdp'),
    'parent_item_colon' => '',
    'menu_name' => __('Assets', 'cdp')
  );

  $args = array(
    'labels' => $labels,
    'public' => true,
    'exclude_from_search' => false,
    'has_archive' => false,
    'menu_position' => 5,
    'supports' => array('title', 'editor', 'thumbnail'),
    'menu_icon' => 'http://cdn1.iconfinder.com/data/icons/humano2/16x16/actions/go-home.png'
  );

  register_post_type('asset', $args);
}
add_action('init', 'jvs_assets_custom_post');

/**
 * Register asset type taxonomy
 */
function jvs_type_categories_init() {
  register_taxonomy(
    'type',
    'asset',
    array(
      'label'        => __( 'Asset Types', 'cdp' ),
      'query_var'    => true,
      'hierarchical' => true
    )
  );
}
add_action('init', 'jvs_type_categories_init');