Simply defined, a lease is a usage agreement between an equipment owner (lessor) and a user of that equipment (the lessee). The lessee pays a periodic fee, usually monthly, to the lessor for the use of the property. Generally, leases take the form of written contracts with specific terms and conditions spelled out: length of lease term (usually 24, 36, 48, or 60 months), amount and timing of lease payments, and any end-of-lease conditions or stipulations.
The lessor is usually viewed as the owner of the equipment during the lease term, but depending on the type of lease chosen, either the lessee or the lessor may be able to claim the tax benefits of equipment ownership. To learn more about the different types of lease structures available,
see below:
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