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1Impact on accounting
2Accounting treatment by country
Toggle Accounting treatment by country subsection
2.1International Financial Reporting Standards (IFRS)
2.2US Generally Accepted Accounting Principles (US GAAP)
2.3Australia
2.4India
2.5United States
2.5.1Special Case: Finance Leases under UCC Article 2A
3See also
4References
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Finance lease
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From Wikipedia, the free encyclopedia
Type of lease; asset is owned by a finance company
A finance lease (also known as a capital lease or a sales lease) is a type of lease in which a finance company is typically the legal owner of the asset for the duration of the lease, while the lessee not only has operating control over the asset but also some share of the economic risks and returns from the change in the valuation of the underlying asset.[1]
More specifically, it is a commercial arrangement where:
the lessee (customer or borrower) will select an asset (equipment, software);
the lessor (finance company) will purchase that asset;
the lessee will have use of that asset during the lease;
the lessee will pay a series of rentals or installments for the use of that asset;
the lessor will recover a large part or all of the cost of the asset plus earn interest from the rentals paid by the lessee;
the lessee has the option to acquire ownership of the asset (e.g. paying the last rental, or bargain option purchase price).
A finance lease has similar financial characteristics to hire purchase agreements and closed-end leasing as the usual outcome is that the lessee will become the owner of the asset at the end of the lease, but has different accounting treatments and tax implications. There may be tax benefits for the lessee to lease an asset rather than purchase it and this may be the motivation to obtain a finance lease.
Impact on accounting[edit]
Since a finance lease is capitalized, both assets and liabilities in the balance sheet increase. As a consequence, working capital stays the same, but the debt/equity ratio increases, creating additional leverage.
Finance lease expenses are allocated between interest expense and principal value much like a bond or loan; therefore, in a statement of cash flows, part of the lease payments are reported under operating cash flow but part under financing cash flow. Therefore, operating cash flow increases.
Under operating lease conditions, lease obligations are not recognized; therefore, leverage ratios are understated and ratios of return (ROE and ROA) are overstated.
The key IFRS criterion is:
If "substantially all the risks and rewards" of ownership are transferred to the lessee then it is a finance lease.
If it is not a finance lease then it is an operating lease.
The transfer of risk to the lessee may be shown by lease terms such as an option for the lessee to buy the asset at a low price (typically the residual value) at the end of the lease. The nature of the asset (whether it is likely to be used by anyone other than the lessee), the length of the lease term (whether it covers most of the useful life of the asset), and the present value of lease payments (whether they cover the cost of the asset) may also be factors.
IFRS does not provide a rigid set of rules for classifying leases and there will always be borderline cases. It is also still sometimes possible to use leases to make balance sheets look better, provided that the lessee can justify treating them as operating leases.
The classification of large transactions, such as sale and leasebacks of property, may have a significant effect on the accounts and on measures of financial stability such as gearing. However, it is worth remembering that an improvement in financial gearing may be offset by a worsening of operational gearing and vice versa.
Accounting treatment by country[edit]
International Financial Reporting Standards (IFRS)[edit]
In the over 100 countries that govern accounting using International Financial Reporting Standards, the controlling standard is IFRS 16, "Leases" which an entity shall apply for annual reporting periods beginning on or after 1 January 2019.
IFRS 16, phased out the previous test for lessees. Lessors continue to apply this test. For a lessor, a lease is financed if any of the following five criteria (IFRS 16.63) are met:
(a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
(b) the lessee has the option to purchase the underlying asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception date, that the option will be exercised;
(c) the lease term is for the major part of the economic life of the underlying asset even if the title is not transferred;
(d) at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset; and
(e) the underlying asset is of such a specialised nature that only the lessee can use it without major modifications.
IFRS 16.22 requires all lessees to recognize all leases as finance leases (a right-of-use asset and a lease liability) however a lessee may elect (IFRS 16.5) not to apply this requirement to:
(a) short-term leases; and
(b) leases for which the underlying asset is of low value.
IAS 17 is now transitioning to IFRS 16, as a joint project with the U.S. lease accounting standard. The standard was published in 2016, with companies required to have implemented it by 2019 or earlier. The criteria for being classified as a finance lease are similar to the above, but judgment is required - simply meeting one requirement may not be enough.
US Generally Accepted Accounting Principles (US GAAP)[edit]
As part of the convergence project with IFRS, The FASB replaced topic ASC 840 with topic ASC 842 (from December 15, 2018, for SEC-registered companies and December 15, 2021, for all remaining entities).
Similarly to IFRS 15, ASC 842 requires lessees to recognize a right-of-use asset and a lease liability for all leases except short-term leases (ASC 842 does not include an exception for low-value assets).
Unlike IFRS 16, ASC 842 retains the test to determine if a lease is operating or financial (it adopted the same 5 criteria IFRS 16 applies to lessors). However, an operating lease under ASC 842 is significantly different from an operating lease under ASC 840. As a result, the only practical difference between a financial and operating lease under ASC 842 is that the liability is amortized using an effective interest rate (financial lease) or straight-line (operating lease).
ASC 842 also simplified the guidance For lessors by eliminating "leveraged type" leases.
Australia[edit]
In Australia, the accounting standard pertaining to leases is AASB 117 'Leases'. AASB 117 was released in July 2004. AASB 117 'Leases' applies to accounting for leases other than (a) leases to explore for or use minerals, oil, natural gas, and similar non-regenerative resources; and (b) licensing agreements for such items as motion picture films, video recordings, plays, manuscripts, patents, and copyrights.
According to AASB 117, paragraph 4, a lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.[2]
A lease is classified as a finance lease if it "transfers substantially all the risks and rewards incidental to ownership of an asset." (AASB 117, p8) There are no strict guidelines as to what constitutes a finance lease, however, guidelines are provided within the standard.[3]
India[edit]
A finance lease is one in which risks and rewards incidental to the ownership of the leased asset are transferred to the lessee but not the actual owner. Thus, in the case of a finance lease, we can say that notional ownership is passed to the lessee. The amount paid as interest during the lease period is shown on the Proprietary Limited DR side of the lessee.
Features:
It's not cancelable.
The lessor may or may not bear the cost of insurance, repairs, maintenance, etc. Usually, the lessee has to bear all the costs.
The lessor may transfer ownership of the asset to the lessee by the end of the lease term.
The lessee has the option to purchase the asset at a price that is expected to be sufficiently lower than its value at the end of the lease period.
United States[edit]
Main article: Accounting for leases in the United States
Under US accounting standards, a finance (capital) lease is a lease that meets at least one of the following criteria:
ownership of the asset is transferred to the lessee at the end of the lease term;
the lease grants the lessee an option to purchase the asset and the lessee is reasonably certain to exercise the option;
the lease term is for the major part of the remaining economic life of the underlying asset (75% of the asset's estimated useful life or greater);
the present value of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the asset (90% of the total original cost of the equipment);
The asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.
Following the GAAP accounting point of view, such a lease is classified as essentially equivalent to a purchase by the lessee and is capitalized on the lessee's balance sheet. See Statement of Financial Accounting Standards No. 13 (FAS 13) for more details on classification and accounting.
Special Case: Finance Leases under UCC Article 2A[edit]
The term sometimes means a special case of lease defined by Article 2A of the Uniform Commercial Code (specifically, Sec. 2A-103(1) (g)). Such a finance lease recognizes that some lessors are financial institutions or other business organizations that lease the goods in question purely as a financial accommodation and do not want to have the warranty and other entanglements that are usually associated with leases by companies that are manufacturers or merchants of such goods. Under a UCC 2A finance lease, the lessee pays the payments to the lessor (and indeed must do so, regardless of any defect in the leased goods – this obligation usually being contained in a "hell or high water" clause), but any claims related to defects in the leased goods may be brought only against the actual supplier of the goods. UCC 2A finance leases are usually easy to identify because they commonly contain a clause specifically declaring that the lease is to be considered a finance lease under UCC 2A.
See also[edit]
Lease
Leasing
Operating lease
Leveraged lease
Accounting for leases in the United States
References[edit]
^ The Principles & Practices of Leasing by K V Kamath et al published by Lease Asia 1990 especially chapter 2
^ Compiled AASB Standard AASB 117 - Leases (PDF). Australian Accounting Standards Board (AASB). December 1, 2009.
^ Craig Deegan (2005). Australian Financial Accounting, 4th edition. ISBN 0-07-471479-1.
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Operating Lease: How It Works and Differs From a Finance Lease
Operating Lease: How It Works and Differs From a Finance Lease
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Table of Contents
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Table of Contents
What Is an Operating Lease?
How It Works
Advantages and Disadvantages
Example
Accounting for an Operating Lease
Operating Lease vs. Finance Lease
Operating Lease FAQs
The Bottom Line
Business
Business Essentials
Operating Lease: How It Works and Differs From a Finance Lease
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What Is an Operating Lease?
An operating lease is a contract that allows for an asset's use but does not convey ownership rights of the asset. These leases allow businesses to use the asset without incurring the high expenses involved in purchasing it.
The business that leases the asset is called the lessee, and the business that loans it under a lease is called the lessor. The responsibilities of each party in the agreement are spelled out in the lease contract and documents, but generally, the lessee must maintain the asset to ensure it remains in operational condition, less any normal wear and tear.
Key Takeaways
An operating lease is a contract that permits the use of an asset without transferring the ownership rights of said asset.A finance lease is a contract that permits the use of an asset and transfers ownership after the lease period is complete, and the lessor meets all other contract obligations.GAAP rules govern accounting for operating leases.All leases 12 months and longer must be recognized on the balance sheet.Leases shorter than 12 months can be recognized as expenses using the straight-line method.
How Operating Leases Work
Historically, operating leases enabled American firms to keep billions of dollars of assets and liabilities from being recorded on their balance sheets, thereby keeping their debt-to-equity ratios low. However, this changed in 2016 with the release of Accounting Standards Update 2016-02, Leases (Topic 842), and amendments in the few years following.
Operating leases are assets rented by a business where ownership of the asset is not transferred when the rental period is complete. Typically, assets rented under operating leases include real estate, aircraft, and equipment with long, useful life spans—such as vehicles, office equipment, or industry-specific machinery.
Essentially, an operating lease is a contract for a company to use an asset and return it in a similar condition to the lessor. This agreement is beneficial for the lessee, particularly when it has expensive equipment or other assets that need to be replaced regularly.
Advantages and Disadvantages of an Operating Lease
Advantages
No ownership
Renting may be cheaper
Short-term
Disadvantage
No equity
Financing costs
Might pay more than market value
Continuous terms renegotiation
Advantages Explained
No ownership: Not owning an asset can be beneficial because you won't have to pay for repairs or maintenance.Renting may be cheaper: Renting is generally much more affordable than purchasing, benefitting smaller or newer businesses that don't yet have the financial strength to collect expensive assets.Short-term: You'll only need to lease the asset for as long as you need it, reducing the overall costs of purchasing, maintaining, and selling it if you no longer need it.
Disadvantages Explained
No equity: When you lease, you don't gain any equityFinancing costs: You might incur financing costs with a lease, such as interestMight pay more than market value: Depending on how long an asset is leased, the total cost could be more than the market value at the time the lease originated.Continuous terms renegotiation: Many leases are short-term. This means the lessor and lessee will renegotiate terms every time the lease expires. This provides the lessor an opportunity to raise rates or fees.
Example of an Operating Lease
A restaurant needs power to ensure it can operate during outages and not have food spoil when refrigeration systems are offline. Power keeps a restaurant from losing business and costly supplies.
A restaurant owner should ensure they have a generator for this reason, but they might need a much bigger and more expensive one. They'll need to power freezers, refrigerators, ovens, heating lamps, lights, air conditioning, water heaters, computer systems, and more. Large generators can cost tens of thousands of dollars, so the owner might choose to lease one.
The owner would make rental payments to an equipment rental service and account for it as an asset and a liability on their balance sheet because they'll likely need it for more than one year.
Accounting for an Operating Lease
Operating lease accounting changed in 2016 when the Federal Accounting Standards Board released ASC Topic 842, Leases. The new standard provided guidance when accounting for leases, where the lease and the corresponding asset value would be required to be reported on the balance sheet. However, leases for less than 12 months can be recognized as an expense using the straight-line basis method.
When a lease of more than 12 months is initiated, the lessee must account for it as a lease liability and an asset right-of-use on the balance sheet. The intent behind the change is to reduce the ability of organizations to manipulate the balance sheet and create a more faithful representation of a business's rights and obligations.
This new standard does not apply to:
Intangible asset leasingExploration for or use of nonregenerative resourcesBiological assets leasesInventory leasesAssets under construction
Operating Lease vs. Finance Lease
Operating and finance leases are similar for accounting purposes. They are both treated as a right-of-use asset and a lease liability. They are recorded on the company's balance sheet; as a result, they can affect a company's financial ratios, such as debt-to-equity, return-on-assets, or solvency if companies use a significant amount of leased assets. However, there are several differences.
Operating lease characteristics include:
Ownership: Retained by the lessor during and after the lease term.Bargain purchase options: Operating leases cannot contain a bargain purchase option.Terms: Less than 75% of the asset’s estimated economic life.Present value: The PV of lease payments is less than 90% of the asset's fair market value.Risks/benefits: Right to use only. Risks/benefits remain with the lessor.
Finance lease characteristics include:
Ownership: Transfers to the lessee at the end of the lease term.Bargain purchase options: Enables the lessee to buy an asset at less than fair market value.Terms: Equals or exceeds 75% of the asset's estimated useful life.Present value: PV of lease payments equals or exceeds 90% of the asset's original cost.Risks/benefits: All risk is transferred to the lessee.
What Is the Meaning of Operating Lease?
An operating lease is like renting, a business can lease assets it needs to operate.
What Is the Difference Between an Operating Lease and a Finance Lease?
A finance lease transfers the asset and any risk or return to the lessee. This means that ownership is transferred in a financial lease to the entity that leases the asset. In an operating lease, the ownership remains with the lessor, the entity that leased the asset to the lessee.
What Are Operating Leases Used for?
Operating leases allow companies greater flexibility to upgrade assets, like equipment, which reduces the risk of obsolescence. There is no ownership risk and payments are considered to be operating expenses and tax-deductible. Finally, the risks and benefits remain with the lessor as the lessee is only liable for the maintenance costs.
The Bottom Line
Operating leases are leases a business might use to rent assets rather than buy them outright. Many small and medium-sized businesses cannot afford some of the expensive assets they need to operate, so it makes sense for them—and it's cheaper—to rent them.
Businesses must account for operating leases as assets and liabilities for assets leased for more than 12 months. This standard makes their balance sheet a more realistic representation of the company's worth and obligations regarding leases.
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our
editorial policy.
Financial Accounting Standards Board. "Post-Issuance Activities and Amendments To Accounting Standards Update No. 2016-02, Leases (Topic 842)."
Financial Accounting Standards Board. "No. 2016.02, February 2016 | Leases (Topic 842)." Pages 2-4.
Financial Accounting Standards Board. "No. 2016.02, February 2016 | Leases (Topic 842)." Page 13.
The CPA Journal. "Accounting for Operating Leases | Initial Observations."
Accounting Tools. "Accounting for a Finance Lease."
Related Terms
Off-Balance Sheet (OBS) Activities: Types and Examples
Off-balance sheet is the classification of an asset or debt that does not appear on a company's balance sheet.
more
Bargain Purchase Option: What it is, How it Works
A bargain purchase option in a lease agreement allows the lessee to purchase the leased asset at the end of the lease period at a lower price.
more
Capital Lease: What It Means in Accounting, 4 Criteria
A capital lease is a contract entitling a renter the temporary use of an asset and, in accounting terms, has asset ownership characteristics.
more
Leveraged Lease: What it is, How it Works
A leveraged lease is a lease agreement that is financed through the lessor, usually with help from a third-party financial institution. In a leveraged lease, an asset is rented with borrowed funds.
more
True Lease: What it Means, How it Works, Example
A true lease is a type of multi-year lease where the lessor bears both the risks and rewards of property ownership.
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Synthetic Lease
A synthetic lease occurs when a special purpose entity established by a parent company purchases an asset then leases it back to the parent company.
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Off-Balance Sheet (OBS) Activities: Types and Examples
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Capital Lease: What It Means in Accounting, 4 Criteria
Leveraged Lease: What it is, How it Works
True Lease: What it Means, How it Works, Example
Synthetic Lease
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Finance Lease: What Are They? Differences & How They Work
Finance Lease: What Are They? Differences & How They Work
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Finance Lease
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What is a Finance Lease?
A finance lease, also referred to as a capital lease or sales lease, is a type of commercial lease in which a finance company is the legal owner of an asset, and the user rents the asset for an agreed-upon period of time. In this legal contract, the leasing company, usually the finance company, is called the lessor, and the user of the asset is called the lessee.
When a lessee enters into this agreement, they have operating control over the asset. They take responsibility for all the risks and rewards associated with the ownership of the asset. For accounting purposes, the lease provides the lessee with economic characters of ownership of the asset.
The lessee will record the asset as a fixed asset in their general ledger. In this situation, the lessee will record the interest of the lease payment as an expense.
To be classified as a finance lease under US GAAP, the rental contract must meet at least one of the following requirements:
The present value of the lease rentals is equal to or greater than the fair market value of the asset
The lease term is more than 75% of the leased asset’s useful life
The option to purchase the leased asset at a lower price than the fair value of the leased asset is given to the lessee.
The legal ownership of the leased asset transfers from the lessor to the lessee at the end of the lease.
In an IFRS jurisdiction, however, a lease is classified as a finance lease if all of the following basic criteria are met:
Throughout the duration of the lease period, the lessor remains the legal owner of the asset
The risk and rewards related to leased assets are transferred to the lessee
Legal ownership of leased asset transfers from the lessor to the lessee after the end of the lease.
For more information about finance leases and their impact on a company’s accounting,
click here.
How a Finance Lease Works
A finance lease is essentially a commercial rental agreement where the following steps take place:
Step 1:
The lessee selects an asset that they require for a business.
Step 2:
The lessor, usually a finance company, purchases the asset.
Step 3:
The lessor and lessee enter into a legal contract in which the lessee will have use of the asset during the agreed upon lease.
Step 4:
The lessee makes a series of payments for the use of the asset.
Step 5:
The lessor recovers the cost of the asset plus interest.
Step 6:
At the end of the lease agreement, the lessee has the option to acquire ownership of the asset.
For accounting purposes, a finance lease can have significant impacts on a company’s financial statements. These types of leases are viewed as ownership rather than a rental, so they influence interest expenses, depreciation expenses, assets, and liabilities.
Due to a finance lease being capitalized, a company’s balance sheet will reflect an increase in assets and liabilities but working capital will remain the same. The debt and equity ratio, however, will increase.
The expenses related to a finance lease will be split between interest expenses and principal value. This is similar to a bond or a loan. Part of the payments will be reported under operating cash flow, and the other part will be reported under financing cash flow. This causes operating cash flow to increase when a company is involved in a finance lease.
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What’s Included in a Finance Lease
Finance leases will vary based on the specific needs of both the lessor and the lessee. Depending on the asset being leased, the price of the asset, and the term of the agreement, a finance lease will have to be tailored to the individuals involved.
Although these agreements will differ, it is common to find the following information in most finance leases:
Names of both parties involved in the lease and designation as the lessor and the lessee
Asset to be leased
The total price of the asset
The economic life of the asset
Interest rate
Principal and interest payment schedule
Associated penalties and fees
This lease document can be very complicated, and it is best to consult with a
business lawyer
or
financial services lawyer
who can help ensure that the agreement is drafted correctly and includes all pertinent information.
Advantages and Disadvantages of a Finance Lease
Finance leases offer companies both advantages and disadvantages as far as costs, liabilities, and accounting.
Some advantages are as follows:
The Lessee is able to use a needed asset without purchasing it
Lease financing is usually less expensive than other types of financing options
A lessee is able to spread payments out over several years
There is no burden of a lump-sum cost for an asset
The lessee claims depreciation on the leased asset reducing tax liability
Even if the asset rises in price, the lessee only has to pay the installments already agreed upon
The lessee retains the right to purchase the asset at the end of the lease period, usually at a bargain rate
Some limitations or disadvantages of a bargain lease include the following:
The lessee is responsible for all maintenance or repairs on the asset
The lessee is liable for all risks involved with the asset
The lessee cannot cancel a finance lease
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Finance Lease vs. Operating Lease
Both operating leases and finance leases allow a company to rent and use an asset. However, the main difference is that under a finance lease, the lessee conveys ownership of the asset. Under an operating lease, the lessee does not get the benefits of ownership rights for accounting purposes.
Installment payments for assets leased under an operating agreement are recognized as a rent expense on a balance sheet. They are recorded in financial statements under the cost of sales or operating expenses. This is different from a finance lease, where the payments for the leased asset are recorded as an amortization expense and interest expense.
Lessees involved in an operating lease are not liable for the same risks as lessees involved in a finance lease. In an operating lease, the lessee is simply renting the asset and only has the right to use. This means that the lessor retains all of the risks and benefits associated with the asset. In addition, the lessor is responsible for all maintenance or repair costs.
To read more about the similarities and differences between finance leases and operating leases,
check out this article.
Examples of Finance Leases
Finance leases can be found in a wide variety of industries and are used primarily when a company requires an expensive piece of equipment but wants to preserve its cash flow and avoid paying a large lump sum for the required equipment.
Some examples of assets that are leased through finance leases include:
Aircraft
Land
Buildings
Plant equipment
Heavy machinery
Ships
Diesel engines
Patents
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View Samuel
5.0 (40)
Member Since:
October 2, 2021
Samuel R.
Attorney
Free Consultation
Phoenix - Arizona
5 Yrs Experience
Licensed in AZ, PA, UT
Widener University Delaware Law School
My career interests are to practice Transactional Corporate Law, including Business Start Up, and Mergers and Acquisitions, as well as Real Estate Law, Estate Planning Law, Tax, and Intellectual Property Law.
I am currently licensed in Arizona, Pennsylvania and Utah, after having moved to Phoenix from Philadelphia in September 2019.
I currently serve as General Counsel for a bioengineering company. I handle everything from their Mergers & Acquisitions, Private Placement Memorandums, and Corporate Structures to Intellectual Property Assignments, to Employment Law and Beach of Contract settlements. Responsibilities include writing and executing agreements, drafting court pleadings, court appearances, mergers and acquisitions, transactional documents, managing expert specialized legal counsel, legal research and anticipating unique legal issues that could impact the Company. Conducted an acquisition of an entire line of intellectual property from a competitor.
In regards to other clients, I am primarily focused on transactional law for clients in a variety of industries including, but not limited to, real estate investment, property management, and e-commerce. Work is primarily centered around entity formation and corporate structure, corporate governance agreements, PPMs, opportunity zone tax incentives, and all kinds of business to business agreements. I have also recently gained experience with Estate Planning law, drafting numerous Estate Planning documents for people such as Wills, Powers of Attorney, Healthcare Directives, and Trusts.
I was selected to the 2024 Super Lawyers Southwest Rising Stars list. Each year no more than 2.5% of the attorneys in Arizona and New Mexico are selected to the Rising Stars.
I am looking to further gain legal experience in these fields of law as well as expand my legal experience assisting business start ups, mergers and acquisitions and also trademark registration and licensing.
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4.8 (111)
Member Since:
November 26, 2021
Daehoon P.
Corporate Lawyer
Free Consultation
New York, NY
9 Yrs Experience
Licensed in NY
American University Washington College of Law
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• Advised the client on strategic approaches to discovery proceedings and settlement negotiation.
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4.9 (281)
Member Since:
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Michael M.
Principal
Free Consultation
Los Angeles, CA
37 Yrs Experience
Licensed in CA
NYU
www.linkedin/in/michaelbmiller
I am an experienced contracts professional having practiced nearly 3 decades in the areas of corporate, mergers and acquisitions, technology, start-up, intellectual property, real estate, employment law as well as informal dispute resolution. I enjoy providing a cost effective, high quality, timely solution with patience and empathy regarding client needs. I graduated from NYU Law School and attended Rutgers College and the London School of Economics as an undergraduate. I have worked at top Wall Street firms, top regional firms and have long term experience in my own practice. I would welcome the opportunity to be of service to you as a trusted fiduciary. In 2022 I was the top ranked attorney on the Contract Counsel site based upon number of clients, quality of work and top reviews.
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Member Since:
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9 Yrs Experience
Licensed in KS, MO, NE, TX
University of Missouri - Kansas City
www.parachinilaw.com
I represent a diverse mix in a vast array of specialties, including litigation, contracts, compliance, business and financial strategies, and emerging industries.
Credit for this foundation of strength goes to those who taught me. Skilled professors and professionals fostered my powerful educational and professional background. Prior to law school, I earned dual Bachelor’s degrees in Business Administration & Accounting from Peru State College. I received a Master of Business Administration degree from Chadron State College. My ambitions did not stop there. While working full time as a Senior Accountant for the University of Missouri, Columbia, I achieved the lifelong goal of becoming a licensed Certified Public Accountant (CPA). Mizzo provided excellent opportunities and amazing experiences. Managing over $50M in government and private research funding was a gift. As a high ranking professional in the Department of Research, I was given priceless insight into the greatest scientific, journalistic, medical, and legal minds in the world.
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View Karen
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Karen H.
Former Division General Counsel
Free Consultation
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43 Yrs Experience
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