Equipment leases for your business allow you to lease current technology (computers, printers, servers, telephone systems), equipment, and machinery, and pay for it over time rather than making a large initial investment to purchase the equipment. Options for service and repair of the leased equipment, and periodic upgrades of the equipment are often included in equipment leases at an additional cost. Your lease payments are generally secured by the equipment, and the leasing company (lessor) will have the right to remove the equipment from your business if you fail to make the lease payments on time. And at the end of the equipment lease you may have the opportunity to purchase the equipment at an agreed price, or at a fair market value.

In South Carolina, equipment leases are contractual agreements where a business can lease equipment such as technology or machinery and spread the cost over time. These leases often include options for service, repair, and periodic upgrades, which may incur additional costs. The lease payments are typically secured by the equipment itself, meaning that if the business fails to make timely payments, the lessor (leasing company) has the right to repossess the equipment. At the end of the lease term, the business may have the option to purchase the equipment at a predetermined price or at its fair market value. It's important for businesses to carefully review the terms of the lease agreement and understand their rights and obligations under South Carolina law. An attorney can provide specific advice on negotiating lease terms and ensuring compliance with applicable state statutes and federal laws.