"Jak się pan/pani ma" is like... semi-formal? I think it's okay in a number of situations, but for some it may be too much of an informal construction, although used with Formal You. Hard to say, really. I guess it should be okay unless it's a really formal conversation, although I wouldn't say it to a teacher, I guess.
In Ukrainian you could say Як ваші справи [Jak wasi sprawy] or Як ся маєте [Jak sja majete], but it is also awkward to use in a formal situation, even though the formal "you" is used. In general, I think that you don't use these phrases in formal settings anyway.
You could say Як поживаєте [Jak pożywajete]. That is a more formal "How are you."
I'm wondering why it couldn't also be What do you know of/about this business? In British English it is used commonly in the sense of some matter, like hearing two people have had an argument and asking what's this business between you and such-and-such, or any set of circumstances.
Take a look at https://forum.duolingo.com/comment/13865766/Difference-between-znam-and-wiem for a few explanations comparing the use of "znać" and "wiedzieć" to their use in other languages.