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Exiting Unfavorable Contracts We work with someone that designs, manufactures and distributes certain goods internationally. Under prior management, they entered into an unfavorable contract granting to a particular company exclusive distribution rights in a very lucrative foreign territory. There was no minimum sales requirement. The contract also stated that it could be terminated only upon the…

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Planning for Business Succession and Exit Congratulations on successfully building and growing your business. The odds were against you surviving more than 5 years[1], but you beat the odds. Have your thoughts now turned to retirement? Or cashing out? Planning for business succession and exit successfully will require as much planning as growing it. Business…

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Should you register your brand as a trademark? If you own a business, you have worked hard to stand out from the crowd and portray your products or services as unique and high quality. From a marketing perspective, your brand is the symbol of your business and the way you are recognized in the marketplace….

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The Creative Industries in Orange County As seen in the December 2016/January 2017 edition of Business Watch (The Orange County Chamber of Commerce Newsletter). When you mention the arts, people naturally think of paintings, galleries, concerts and theaters. Orange County has these, but there is more. Arts are part of what economists call the Creative Industries which…

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New York Film Production Tax Credit Expanded to Orange, Ulster, Dutchess, Green, Sullivan and Delaware Counties Film production brings many economic benefits to the locations where it occurs. Hotel rooms get booked, restaurants and caterers get business, drivers, carpenters and electricians get work, and that does not include all the specifically film-oriented jobs including actors,…

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Nonprofit Contributions:  Aiming at Dark Money, but Hitting Nonprofits Governor Cuomo has just signed into law a measure intended to shine light on so-called “dark money” contributions to political candidates by some nonprofit organizations. The law was immediately criticized by a wide array of nonprofit and other groups as both overbroad and inadequate. The law…

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Someone’s In the Kitchen Cooking shows on TV like Chopped, Iron Chef, and Hell’s Kitchen are all the rage. Everyone seems to want to be a chef. Here in the Hudson Valley we are blessed to have the Culinary Institute of America, which turns out truly talented chefs every year. Many of these choose to…

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For those of you with children in college, or getting close to it, there are some interesting recent changes to the rules concerning 529 savings plans. A 529 plan is a tax-advantaged savings vehicle for college or other higher education. Contributions to the plan are invested in a variety of stocks and bonds in order…

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In New York, artists and crafts people are protected by the New York Arts and Cultural Affairs Law. Galleries and dealers that take artworks and crafts on consignment from their creators are burdened with a fiduciary duty for the benefit of the creators. The law provides that the purchase price is held by the gallery…

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Paul Smith’s College is the only four-year college in the Adirondacks Park in New York State. The college was formed in 1937 with funds bequeathed in the Last Will and Testament of Phelps Smith. The Will stated that the college shall “be forever known” as Paul Smith’s College of Arts and Sciences.” Phelps Smith named…

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