This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Alabama Contract for the Lease of Personal Property
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FAQ
Yes. Rental income from a property located in Alabama is taxable by the state of Alabama.
An Early Termination ClauseThe clause enables tenants to break their lease early in exchange for a penalty fee. The fee is usually equal to the rent of 2 months. You may also require a tenant to provide you notice prior to breaking their lease, such as 30 days.
No, lease agreements do not need to be notarized in Florida, regardless of the duration of the lease. Landlords and tenants can agree to get a lease notarized if they prefer but it is not required in order for the lease to be legally binding.
A lease is a contract outlining the terms under which one party agrees to rent an assetin this case, propertyowned by another party. It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange.
Rental tax is a privilege tax levied on the lessor for the leasing or renting of tangible personal property. The gross receipts, including any rental tax invoiced, from the leasing or rental of tangible personal property are subject to the State rental tax.
No, lease agreements do not need to be notarized in Alabama. The landlord and tenant can agree to have the lease notarized if they prefer, but it does not affect the legality of the lease.
Equipment renting payments are considered external expenses and are therefore deductible from the company's taxable profit under common law provisions. This taxable profit determines the taxable portion of earnings for corporation tax, or income tax.
Pollution Control Equipment: Equipment or materials purchased primarily for the control, reduction, or elimination of air or water pollution are exempt from sales and use tax under Alabama law (Sections 40-23-4(a)(16) and 40-23-62-(3)).
In Alabama, the maximum duration of a standard residential lease agreement is one (1) year. However, a lease can be longer if the exact duration of the tenancy is specified in the lease and agreed upon by both landlord and tenant.