The document discusses the advantages and disadvantages of leasing. It begins by defining a lease as a contractual agreement where a lessee pays a lessor for use of an asset like property, buildings, vehicles, or equipment. The main advantages listed are that leasing allows access to equipment without large upfront costs and equipment can be updated frequently. The disadvantages are that the lessee never owns the asset and total lease payments may exceed purchase price. It also briefly mentions there are different types of leases.