No matter the size or industry of your business, compliance matters. By definition, compliance means adhering to a set of guidelines, usually put in place by a governing body or an authority figure. In the business world, there are many areas in which compliance is important, such as annual filing fees, franchise taxes, legal and court system interactions, and interacting with investors. Establishing and following best practices in these areas can save small businesses time and money while protecting them from potential legal penalties.