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Equipment leases are grouped into the following two categories: A capital lease is usually long-term and non-cancellable and is used to lease equipment that the company wants to use in the long term or purchase at the end of the lease period. In this lease, the lessee is responsible for maintaining the asset and paying any insurance and taxes associated with the equipment. The equipments assets and liabilities are recorded in the lessees balance sheet during the lease period. Businesses prefer this type of lease when renting expensive capital equipment that they may not have the funds to purchase immediately. Looking to upgrade the equipment for your small business but don’t want to purchase? Learn how to navigate an equipment rental agreement. The equipment lease agreement includes terms such as the timelines on payments for example, when the periodic payments are due and the last due date for late payme