Type of paper: Research Paper

Topic: Business, Taxes, Property, Commerce, Insurance, River, Water, Policy

Pages: 2

Words: 550

Published: 2020/11/23

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Issues of development are the major challenge to the Connecticut River watershed. It is a suitable site for river rafting with annual events on river racing. However, because of the development, there may be challenges on opposition to developers who may influence issues of conservation on the land. According to the Briefcase document (2015), issues of riparian areas and land protection hold substantial significance in the area.
According to Pancak (2003), transfer of real property in Connecticut attracts a conveyance tax. This tax is normally a two-part tax with one part benefiting the municipality at a rate of 0.11%. The second part is to the benefit of the state at a rate of 0.5% for the first $800000. Any amount in excess of $800000 is taxed at a 1%. Real property classified under farm, forest or open space land in Connecticut attracts low property taxes. As such, it becomes imperative to research the classification of property prior to buying. A mobile home will attract a tangible property tax. Any other inventories are not taxed. The average tax rate in Connecticut is about 1.61% (Tax Rates, 2015).

 Lower Guadalupe River from Canyon Lake to North of the Gruene Bridge & New Braunfels Texas

It is important to note that acquiring land at riverbanks is quite difficult owing to riparian laws and issues of conservation. For the river rafting business, it can only be allowed to occur in certain parts of the river. As such in acquisition of land, the best option, in this case, can be to operate from a mobile office. This will be cheaper as no expenses such as leasing will be encountered. Having a permanent structure is more of a development and may require building permits and other regulatory aspects, which might result in many expenses. However, this depends again on the possibility of acquiring land. Property tax per year is at a rate of 1.81% (Tax Rates, 2015). According to the Texas real estate laws, tangible personal property such as a movable mobile home attracts a TPP tax. Consequently, if one is to own real property one will also have to pay additional personal property tax on things such as office supplies and inventory.
Land can be leased from private owners but this may come at a huge cost. The presence of resorts on the banks of the rivers makes the property value of the area around the riverbanks be high. Property in New Mexico is taxed at a third of its assessed value (Cch State Tax Law Editors, 2009). Inventory does not attract a TPP tax. New Mexico property tax rate is about 0.55% (Tax Rates, 2015)
If real property was to be acquired, New Mexico could be the best location based on the low property taxes and the lack of tangible personal property tax on inventory compared to the other two locations

Analyze the business use of insurance for various risks involved in the business

River rafting being a business will require a commercial general liability insurance policy (Harrison and Erpelding, 2012). This policy applies to any business and covers bodily injury and property loss liability under certain conditions. Additionally, there may be specific insurance policies to cover river rafting activities, and this may be more comprehensive than the commercial general liability policy. In addition to the commercial general liability insurance and the specialty insurance, excess and umbrella coverage can be included. According to Harrison and Erpelding (2012), the excess insurance policy covers similar losses as the commercial insurance one but it caters for excess limits of the underlying policy. In the umbrella insurance, caters for losses not covered under any applicable underlying insurance policy. The excess and umbrella policy is affordable in situations such as river rafting where severe accidents may occur.
In the sorting process to obtain a good insurance coverage, it is important for one to seek professional help from outdoor risk analysts with experience in handling insurance issues. As the business owner, an individual needs to show the insurance company that such as investment is a good risk for the company. Consequently, the business owner needs to show that the business has a good risk management plan in place.

References

BRIEFCASE. (2015). BusinessWest, 31(22), 43.
Cch State Tax Law Editors. (2009). U.s. Master Property Tax Guide 2009. Cch Inc.
Errecart, J., Gerrish, E., & Drenkard, S. (2012, October 4). States Moving Away From Taxes on Tangible Personal Property. Retrieved February 23, 2015, from http://taxfoundation.org/article/states-moving-away-taxes-tangible-personal-property
Harrison, G., Erpelding, M., & Association of Outdoor Recreation and Education. (2012). Outdoor program administration: Principles and practices. Champaign, IL: Human Kinetics.
Pancak, K. A. (2004). Connecticut real estate practice & law. Chicago, IL: Dearborn Real Estate Education.
Tax-Rates.org – The 2015 Tax Resource. (n.d.). Retrieved February 23, 2015, from http://www.tax-rates.org/taxtables/property-tax-by-state

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Legal Aspects Research Paper Sample. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/legal-aspects-research-paper-sample/. Published Nov 23, 2020. Accessed September 20, 2021.
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