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For your business to compete effectively in today's business world, your operation needs to have the latest technology. However, buying the latest and greatest equipment can quickly eat up your available funds, and eventually saddle your company with outdated property. A good alternative to consider is leasing, which allows you to update your business equipment without significant upfront costs. Leasing your business equipment may also offer tax benefits which may save you even more money.
Almost any kind of property can be leased, from computers and heavy machinery to phone lines and cars. When equipment is leased, you can have it and use it for a certain amount of time in exchange for payment of the rental fee.
There are many reasons why leasing equipment is potentially better than buying that same equipment. For starters, a lease can offer lower monthly payments, fixed financing, and even certain tax advantages. Additionally, leasing can help you conserve working capital while still giving you immediate access to the most up-to-date business tools.
Of course, long-term leasing may be more expensive than buying those tools and equipment, which is why you should consider the many factors that come into play when deciding whether to lease or buy. Should you choose the former, make sure you have the documentation you need by downloading LegalZoom's Equipment Lease Agreement. With this form, you'll be well on your way to customizing and completing your lease agreement and getting the equipment you need for your business.
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