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In this video, Taylor Mathis, marketing director and legal assistant at KEYTLaw, discusses essential elements for drafting an Independent Contractor Agreement for LLCs. She emphasizes the importance of having a written agreement to prevent disputes regarding terms between the parties involved. Mathis outlines eight key components to include in the agreement. The first point is compensation: clarify how much one party will pay the other for services, whether it's a fixed amount or based on time spent. Viewers are encouraged to like, comment, and subscribe for more legal content related to business needs.