Running Head: LEGAL RAMIFICATIONS OF LOCATION OF A RIVER RAFTING BUSINESS
Legal ramifications of location of a River rafting business
Over the last ten years, river rafting has exploded on the adventure scene as the sports of choice. This explosion has expanded the business opportunities and market in various regions within United States that are located near rivers. North Carolina is just among the places where whitewater rafting is quickly catching up and companies are taking advantage of the booming market to set up business (Bryson city North Carolina, 2011). In order to be able to open a ...view middle of the document...
Though a corporation can own property, it cannot own property in joint tenancy due to its perpetual existence. If the corporation is a C corporation, then the company and the shareholders of the company will be subject taxation twice since they will have to pay taxes on dividends and profits (North Carolina General Statutes, 2011).
Disposing of the real estate may be through a conveyance or sale, and so when the client decides to dispose of the property, they may do so by listing it with a real estate agent who will market and sell it. The possible risk that may be encountered by the client may probably be in Riparian rights or eminent domain. Riparian rights give rights to owners of real property that abuts a water body to use the water as it is part and parcel of the land, unless it has been legally and expressly excluded from the land property title. In North Carolina, and in specific in Marshallberg Harbor, their have been limited use of the riparian rights as guaranteed by the U.S and the North Carolina constitutions (Marshallberg Harbor, 2011). This risk though can be minimized through statement of purpose of using the land and since the client seeks to use the land for public recreational activity and sports, then risks of not enjoying Riparian rights may not be an issue.
Legal aspects of acquiring, holding and disposing of personal property
Personal property unlike real property is that property that individuals own and can be moved. The legal aspects of purchasing private property involves ensuring that the title is clear by doing a alien search and ensuring that there are no security interests. Personal property can be acquired through outright purchase, lease purchase, rental, lease or installment purchase. In North Carolina, personal property belongs to the person in whose name the property has been registered. This implies that owning a mobile office is simple since the client can simply put property under his/her name or the company’s name and they can be able to use this personal property as they will (Legal guide, n.d.). Since the personal properties are in the name of the title holder in North Carolina, it implies that the legalities of disposing personal property are usually simpler than for real property. For instance the buyer contingencies need to be taken into account, how money can be used to secure obligation from the buyer to purchase the property and inspection of the property to ensure that it is not damaged. In private property though it would be advisable rather than dealing with deeds, a bill of sale would rather be more suited (Lawrence & Szypsszak, 2007; Legal guide, n.d.).
Business use of insurance for various risks
Business people often choose to minimize risks and liability by purchasing insurance to protect their assets and business activities. An insurance policy that offers coverage protection against injuries and guest liability in the event of water rafting activity is of paramount importance for the...