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Service providers and retailers join the growing list of local companies accepting cryptocurrency

Today Colligan Law LLP announced that it will now accept cryptocurrency, specifically bitcoin, as a form of payment in exchange for its various legal services. Colligan Law’s announcement makes the firm the first in Western New York to accept bitcoin, as the number of retailers and service providers allowing payment in the form of cryptocurrency continues to grow worldwide.

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By Shawn Roche

In large part, the exchange of cryptocurrencies and Initial Coin Offerings (ICOs), have remained in the wild west from a regulatory standpoint. Developments of the past several months, however, indicate that a change is underway.

The most significant development is the SEC’s increasing assertions that crytocurrencies are securities, and therefore within its jurisdiction.  This was perhaps most clear when the Chairman of the SEC, Jim Clayton, issued his December 11^th Statement on Cryptocurrencies and Initial Coin Offerings.  Despite the SEC taking its first enforcement actions in 2017, to that point in time, some had speculated that the SEC might either largely avoid classifying cryptocurrencies as securities, or be hesitant to take enforcement actions.[i]  Clayton put a damper on that speculation, stating that although the determination is always fact-sensitive,

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By Matthew Pelkey

Recommended Startup Reads for Entrepreneurs Looking to Start a Business

Starting a business can be a daunting task for even the most experienced entrepreneur. There is no shortage of issues for a founder to address—employees, legal issues, raising money, retaining customers, developing products or service—all of these must be juggled simultaneously. Perseverance is required to even have a chance at success. Books can help, too. But how do you know which startup reads are the best for entrepreneurs?

“The way to get started is to quit talking and start doing.” 

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By Matthew Pelkey

Plattsburgh becomes first city in Upstate NY to ban Bitcoin mining. Will opportunities be lost?
As I sit in the Koffee Kat Espresso Bar on Margaret Street in Plattsburgh, you wouldn’t necessarily know that the City was subject to a recent crypto-controversy surrounding Bitcoin mining. Its sleepy main street is reminiscent of many of the rust belt towns scattered across New England. Recently though the City of Plattsburgh voted to become the first city to ban bitcoin mining (and all cryptocurrency operations) citing concerns over energy consumption. A copy of LOCAL LAW P-3 OF 2018 can be found on the City’s website. The ban will be an 18-month moratorium in order to preserve natural resources, protect the health of residents and preserve the “character and direction” of the City.

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Joe Saeli will be a featured speaker at the New York State Bar Association Annual Meeting in New York City on January 25.  Joe will speak about the legal and ethical concerns involved in selling a law practice.

Joe was a member of a committee which revised the NYS  Bar Association’s  Planning Ahead Guide.  He was responsible for the section covering the sale of law practices.  This popular publication assists lawyers in planning for their futures.

Joe has spoken about selling law practices at two prior NYS Bar Association Annual Meetings, and at a number of Continuing Legal Education seminars throughout New York State.

Colligan Law’s team is very experienced in the purchase and sale of all types of professional practices and businesses, and is always available to assist you.

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2017—It was a rollercoaster year for legal and business issues and the team at Colligan Law worked hard to keep you informed. As we welcome 2018, we wanted to take a minute to share our top stories of the past twelve months with you:

1. We asked the question (again). Is a hotdog a sandwich? Just like “What came first, the chicken or the egg?” or perhaps more timely, “What is or isn’t a catch in the NFL,?”, this is one of those questions that people just can’t seem to agree upon. Well, Colligan Law attorney Rob Townsley took a look at what New York State law thinks and perhaps answered the question once and for all.

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By Joseph F. Saeli, Jr.

There are several changes to the New York State employment laws in 2018 which every employer should be aware of.

Minimum Pay Rate Increases

These are the new pay rates for upstate New York.  The rates for New York City, Long Island, and Westchester County are higher.

1. The general minimum wage in upstate New York increases to $10.40 per hour effective December 31, 2017.

2. The minimum wage for fast food workers in upstate New York increases to $11.75 per hour effective December 31, 2017.

3. The minimum salary in upstate New York for exempt Executive and Administrative employees increases to $780.00 per week effective December 31, 2017.

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By Robert Townsley

Conservation easements are an excellent method for maintaining ownership of one’s land while not only prohibiting development but also receiving tax benefits. A conservation easement is a legally-binding agreement between a property owner and a nonprofit organization or a government agency that restricts development on the land covered by the easement. Usually the landowner receives tax benefits in exchange for the conservation easement but sometimes they can receive a one-time payment made by the organization to purchase the easement. Donating land via a conservation easement can provide estate tax, income tax, and property tax benefits.

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By John A. Moscati, Jr.

A little publicized provision of the 2013 New York S.A.F.E. Act is about to become effective and unsuspecting New York pistol permit holders may find themselves in legal jeopardy if they do not act quickly to comply with the statute.

Prior to the adoption of the S.A.F.E. Act, pistol permits issued in New York were good until revoked. The S.A.F.E. Act added a new provision to Section §400.00 of the New York Penal Law creating a five year expiration term for all pistol permits in New York. Every five (5) years a pistol permit must be renewed by filing a recertification form with the State Police. If your pistol permit was issued before January 15, 2013 the deadline to submit your recertification is January 31, 2018. If your permit was issued on or after January 15, 2013, the deadline to recertify is five years after the date the permit was issued. This means that the vast majority of pistol permits issued in New York will expire on January 31, 2018 less than ninety days from now.