Intuit has a great primer/reminder on some of the business compliance basics that a small business should be mindful of.   As they say:

Because of the vast number of government guidelines for compliance, it
can be easy for business owners to find themselves in violation, leaving
their companies open to penalties and even dissolution. Having a
complete and thorough understanding of corporate compliance is crucial
to protecting your business in the years to come.

Head over to the full article to get a better sense of what legal ramifications you should be paying attention to.