The question is somewhat complicated as there are different regulations in different states, countries, etc... Having worked with/on a few adult sites (mostly in a designer/programmer perspective) I can recommend some resources that might help you get the answers you need.

Check out YNOT.com. It's a community dedicated to the adult web site industry. They contain articles about legal issues faced by adult web sites including various local regulations and restrictions. I recommend checking out their "Educational Articles" (link below) section first. They have whole topics on legal issues, Hosting, ecommerce, marketing, etc... It's a great resource and where I stared when working with some of my partners back in the day.

http://www.ynot.com/modules.php?op=modload&name=Topics&file=ynot_main_ea

http://www.adultwebmastersonline.com/ is another good resource. They often link to articles on various Adult Webmaster sites (including YNOT) so it will give you more information and open more pathways to the information you need.

http://www.xbiz.com/ is another good resource.

My personal advice is to find a niche and focus on the quality, and frequent updates of quality content within that niche. If you can do that you'll attract lots of business and more importantly, lots of repeat business.

Good luck. Hope I could help.
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