Many people may assume that most companies own the equipment they use on an everyday basis. However, for many companies all across New York – and, really, all across the country – this is not a practical situation for them. Instead, they prefer to lease equipment so that their business model functions in the way they envision it.
Leasing equipment isn’t as simple as it may seem and companies will feel more secure and be in a better position if they thoroughly analyze their situation before signing a lease. Depending on the size of your business, leasing equipment can be an extensive and exhaustive process. Given the importance of the topic, it is critical for businesses to consult with an attorney to ensure every aspect of the equipment leasing process is considered
For example, what type of lease will you be signing, and for how long will the lease last? What are the terms of the lease itself? What happens if the equipment breaks down? What are the tax implications and accounting treatment for leasing equipment? What regulations apply to you and the leasing company when you obtain equipment through a lease? And what happens if you or the leasing company goes bankrupt? Do you want to own the equipment at lease end or give it back?
The attorneys at Rich Michaelson Magaliff Moser are prepared to help companies in the New York City area. We have experience dealing with equipment leases and we will fully analyze your situation and the leases on offer so that you receive the counsel you need during a crucial time in your company’s existence.