Business Review

You know well enough to hire a lawyer to handle issues like selling your company or dealing with a lawsuit, but business owners sometimes overlook everyday situations that require equal due diligence. Raising capital or handling sensitive consumer data, for example, may require special counsel.

Seven legal executives and experts from Forbes Legal Council weigh in on less obvious times you could be at risk, as well as which type of attorney you might require for your unique situation.

1. When You’re in E-Commerce

Startups involved in Internet commerce should consult with a tax attorney with expertise in interstate commerce. There are tax ramifications for selling products over the Internet in almost every state, and merchants have specific taxing and reporting requirements. Any new business selling products or services across state lines will need the expert advice of an experienced tax lawyer. – Lawrence Buckfire, Buckfire & Buckfire, P.C.

2. When You’re Raising Capital

Whenever a company issues equity in exchange for capital, whether day one or 1,000, it needs an attorney who can lead it through the dynamic regulatory landscape. An error in early financing will not only negatively effect that issuance but trickle down to each subsequent raise. Attorneys familiar with private equity, securities issuances and the SEC will be able to help. – Peter Minton, Minton Law Group

3. When You’re in a Heavily Regulated Industry

If your startup is doing business in a heavily regulated industry, then find an attorney with the proper experience. It is also prudent to make certain that any attorney who claims to be a “specialist” is actually certified as such if a certification program is available to them in their jurisdiction. –Matthew Rossetti, Sentient Law, Ltd.