Here in Canada, the lending laws are a little different. They are also a little different from province to province. It becomes even more difficult if you are attempting to lend money digitally (i.e., online lending). Then you need the correct loan origination software. It does not matter if you are a private lender or a banking institution in Toronto; if your software does not fit with your province's lending practices, you are in trouble with the federal government.
When it comes to heavy equipment, there is often a fine line between the cost of heavy equipment leasing and a purchase agreement. Although you may be tempted to simply purchase your equipment outright, this is not always the best choice. There are many advantages to leasing, and one of the main advantages is the tax deductions you can claim for the cost of your lease payments.
Unfortunately, if your lease contract is not written correctly, the IRS may recharacterize your deductions, which in turn may cause the IRS to deny them.