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Within this section of Business Tools, we reproduce a number of contracts and forms that are useful in forming and operating a business with a maximum level of asset protection. The following Equipment Lease Checklist might be used when the business owner seeks to personally own "tools of the trade" and lease the same to the operating entity to preserve an exemption; or when the intent is for the holding entity to own the assets, and lease the same to the operating entity, to reduce the exposure to liability.

Some of these forms contain technical language and create significant legal obligations. Do not use any form without first having an attorney review the form and determine that it is suitable for the purpose for which you intend it.

Special Features:

This Equipment Lease Checklist include sections on the following:

the parties involved and the terms of the lease
who must maintain the leased property and who is responsible for its condition
terms for returning the leased property
conditions for defaulting on the lease
state law that will be applied to the lease's terms