A business lease involves a company renting an asset, such as a vehicle or commercial property, for a set period of time, paying regular fixed payments. The lessee is not the legal owner of the assets, and it’s up to them to negotiate the leasing terms for the contract.
Typically, a vehicle lease involves paying an initial deposit, then regular payments. For a property lease, the business premises is occupied in exchange for rent and potentially added costs, such as maintenance. All lease agreements detail when and how much is paid, and when the lease will terminate or be available for renewal.