Leasing involves a lessor providing equipment or property to a lessee in exchange for periodic payments. There are several types of leases, including finance leases where ownership transfers to the lessee, and operating leases which are shorter term. Key elements of any lease include the parties, asset, lease term, and rental payments. The leasing process involves selecting an asset, signing a lease agreement, and the lessor acquiring the asset for the lessee. Leasing provides advantages to both lessors and lessees such as tax benefits and avoiding large upfront costs.