They require that any offer or sale be registered, unless it qualifies for an exemption from registration. Unlike some telephone companies, securities laws don't offer a family and friends plan. Venture capitalists will usually determine that your company has complied with securities laws before they invest. Accepting early investments from family and friends, particularly those out of state, can send a VC elsewhere if the investments are not structured to comply with securities laws. It's ok to sell stock to someone who asks if he or she can invest, as opposed to an investor whom I try to convince to invest.
Securities laws apply in either case.
It's better to raise early money from many small investors rather than from a few large ones. In Oregon, stock does not have to be registered if it is sold to ten or fewer people in twelve months, as long as there's no advertising and no one receives a commission. So sales to a few larger investors are often exempt from registration, while sales to more than ten investors in twelve months are not. One strategy that can significantly reduce the cost and effort of complying with securities laws is to allow investment only by accredited investors. As a practical matter, small investors often seem to take up an inordinate amount of time later in the company's life.