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The rent itself could be very small (sometimes it’s a “peppercorn rent”, where you are obliged to pay 1 peppercorn every year to rent the land), and the terms of the lease / rental agreement can be very long (e.g. 999 years), so in practice, the two ownership statuses can be very similar; it depends on the terms of the lease. Office furniture, equipment, supplies, and buildings can all be covered with your Business Property Insurance.
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Publisher: Reprint Services Corp (June 1986)
ISBN: 0403000211
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