Knowing how to run your own business in a way that is legal and follows all regulations is undoubtedly a very important part of running a business, but surprisingly, it is also one thing that a lot of people are not fully aware of despite its obvious importance. A lot of people make a lot of mistakes in business simply because they are ignorant of what the law states and how they should be running their business. Many people assume that as long as they are not doing something bad or ill willed, they are going to be fine legally. However, what is good does not always coincide with lawful and what is bad does not always coincide with illegal.
There is a big area of mundane regulations and tasks that have to be followed and can only really be known if you have read and understood them properly. A lot of startups and companies that close down have to do so because they were unable to follow some relatively simple laws that they just did not know too much about, like the law on using Eftpos paper rolls for receipts or the laws about safety of the building, and that can lead to the company having to shut down for not following the proper regulations.
This is why we feel that it is important for people to fully research and understand the laws that affect them. If possible, sitting with a legal counselor and talking to them about what needs to be done to make sure that the company and its practices stay on the legal side of things can be helpful. You should specially know the laws regarding taxes, licensing, and the hiring of employees. These things are often ignored by many and it can end up costing them.