Episode 103: Understanding The Contracts You Need With Passive Income

Understanding The Contracts You Need With Passive Income

Welcome back to another episode of The Legal Paige Podcast. I am continuing with our "theme" of passive income. As you implement the passive income revenue stream to your business, you need to make sure that you're still doing this in a legally legit way.

Things we talk about:

  • What you need to do to make sure the passive income in your business is legally legit. 
  • The contracts you need to add into your legal toolkit if you are ready to add this revenue stream into your business.
  • What is a digital product purchase and use agreement, online course contracts, subscription membership, etc.
  • Different passive income avenues and what legal documents and contracts they need.
     

Here are a few quotes:

"When you set up shop online in a digital product e-commerce platform, you need to have two big things. First, you need to have website terms and conditions, and you also need to have a privacy policy. These are absolute necessities that you need when you start selling things on your website."

 

"Make sure that you're reading through their terms and conditions, and you're paying specific attention to commission kickbacks. Because every affiliate program is different regarding the amount of commission they offer their accounts. A good starting point is anywhere from about 10 to 30%"


"You're also going to have clauses related to no refunds due to the immediate nature of the digital product delivery. You will need to have things regarding privacy considerations for online purchases made through credit cards. So of course the third party payment processor that you're working with, you just want some language in there surrounding what is encrypted."

 

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