Problem:
You are an accountant at a small accounting firm. One of your clients is looking to open a small river-rafting business. Your client will run the business operations from a mobile home office on a piece of land on the riverbank. Your client must decide the best location to start this business and has asked you to explain the accounting advantages of choosing the best location. Your client is also wondering if the business should build a permanent structure on the land, or use the mobile home they already own. Additionally, your client wants to know the insurance implications of this decision. How would the insurance implications of the location decision change the company's risks and how might your client use insurance to better manage those risks? As a team, conduct research on three locations and select a location that your client will use to start this business. The locations should be in states where your at least one of your team members lives.
1) Evaluate the legal aspects of acquiring, holding, and disposing of real property.
2) Evaluate the legal aspects of acquiring, holding, and disposing of personal property.