Perhaps you know as a New York business owner that select equipment you have been eyeing for your enterprise is well poised to provide you with both optimal utility and virtually maintenance-free performance over a long period.
If you know that the equipment you have researched and are looking at is attractively priced (especially vis a vis various lease offerings in the marketplace), will service your company long term and, additionally, will confer tax advantages linked with depreciation, you might reasonably be inclined to simply buy it, right?
As noted in a business overview of leasing-versus-buying in the commercial equipment realm, many business principals routinely make that decision. Buying can be cheaper than leasing and confer an ownership interest, as well.
Notwithstanding such advantages, though, buying in lieu of leasing is hardly a slam-dunk proposition in all cases. We duly point out on a relevant page of our business law website at Rich Michaelson Magaliff Moser, LLP, that most companies "have at least some significant equipment needs that are best met through leasing rather than purchase."
Leasing is marked by many attributes that can be comparatively attractive to company owners and managers. Here are just a few of them:
- Less of a bottom-line hit on the company's books, with leasing reflecting less heavily than an outright purchase on the balance sheet
- Leasing for a short period allows for close evaluation of whether equipment (ranging from high-tech machinery and manufacturing assists to medical tools, a fleet of vehicles and myriad other possibilities) makes sense for the long term; if it does, you can buy it later
- Leasing can eliminate maintenance chores
- Like a purchase, an equipment lease, too, can confer certain tax advantages relevant to deductions
As noted above, many businesses typically have equipment that is both purchased and leased, with an optimal complementary mix contributing to maximum savings and efficiency.
A proven commercial law firm with demonstrated and long-term acumen assisting diverse clients can help ensure the best possible return on an equipment investment.