Location, Location, Location

Topics: Real estate, Property, Corporation Pages: 5 (1605 words) Published: August 9, 2010
Location, Location, Location
ACC 543

Location, Location, Location
White water rafting has exploded onto the adventure sports scene in the last 10 years. This explosion has broadened the business market for rafting companies in Oregon, Idaho and Colorado. In order to open a new rafting business research must be conducted into the legal ramifications pertinent to the area. Of direct concern are the legal aspects of real property, personal property, business insurance, and environmental issues and regulations. Evaluate the legal aspects of acquiring, holding, and disposing of real property Sole proprietors, corporations, limited liability companies, and partnerships can receive, hold and transfer title to real property in the same manner as individuals. As a sole proprietor, the client will retain unlimited liability and therefore all investment will be at risk, including real property. A corporation can also own property, but cannot own property in joint tenancy because of the corporation’s perpetual existence. Corporations will generally hold title to a property in severalty or as a tenant in common, if the property is co-owned with another corporation or individual. If the corporation is set up as a C Corporation, the company and its shareholders are subject to double taxation. The corporation and the owner must both pay tax on the profits and the dividends. Any losses incurred cannot be passed to the shareholders so if the property is sold at a loss in the future, any losses that the corporation could not take cannot be passed on to the owner. Real property is typically transferred through a sale, or conveyance. When the client decides to sell the property, they can list it with a real estate agent who will then market and sell the property. The risk that the client will encounter will more likely be in the area of riparian rights or eminent domain. Riparian rights are part of a constitutional amendment that gives the United States Congress the overall rights to all navigable waters within the US. When purchasing and building upon real property near a waterway, the client must ensure that the intended use of the waterway does not materially interfere with the quality or quantity of use by others. The rights are not limited by the location or the time when the property was purchased. Great care must be extended when building boat launches or other boating structures to ensure that they do not obstruct the use of the river by other individuals. Evaluate the legal aspects of acquiring, holding, and disposing of personal property Personal property is that property, which is considered to be movable or the property that can be moved from one place to another. This property is categorized into two parts that is the tangible and the intangible property. The tangible property can be understood as the property, which is mobile that can be sensed and touched also. In this category, the land, building, furniture etc are included. On the other hand, intangible property consists of the negotiable instruments, goodwill etc. During the acquisition of the personal property, the buyer and seller should pay equal attention towards the contract, during the purchase of the property, whether, all the pre-decided conditions are incorporated or not. It is important to conduct the transaction with the consent of the parties. The amount decided by the parties should be fair and according to the current market rate; so that any problem should not crop up in the future. The legal aspect related to holding, undertakes the issues related to the purchase of the property. The next aspect discussed is to possess the right of ownership by holding the property. If the buyer of the property has fulfilled his obligations related to the payment of the property, then, he is free to use the specific property. The last step follows the procedure of the disposition of the property. This point focuses on the fact that after gaining the...
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