Types of business leases and their merit.

    A lease is an arrangement under which a lessor agrees to allow a lessee to control the use of identified property, plant, or equipment for a stated time period in exchange for 1 or more payments. There are several types of lease designations, and they differ if an entity is the lessee or the lessor. For a lessee, a lease can be designated as either a finance lease or an operating lease. Respond to the following in a minimum of 175 words: Discuss 3 different types of business leases and their merit.