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Leases and Hire Purchase

Leases and Hire Purchase

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Published by Anurag Bohra

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Published by: Anurag Bohra on Aug 03, 2012
Copyright:Attribution Non-commercial

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05/13/2014

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Leases and Hire Purchase
A short explanation of each
 
Use by businesses
A lease or hire purchase agreement may be used to acquire an assetthat is used by the business. This is different to a lease agreementfor a short period, such as hiring a van for a week to assist indeliveries.A business may acquire a right to use a vehicle or piece of machinery through such an agreement, in which case it may betreated as an asset of the business.
 
Ownership
Most fixed assets are owned by the business.With a lease there is often no agreement for legal ownership of theasset to pass to the lessee.Under a hire purchase contract the hirer can obtain legal title byexercising an option to purchase.

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