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Jim Hart from the Hart Law Firm discusses the essential contracts needed for an online business. He highlights the importance of having these contracts, especially for those just starting out, as many may not have any in place. The necessity for contracts is underscored by the potential legal troubles one could face without them, including compliance with government regulations for online operations. Jim aims to address common questions about what contracts are required and the consequences of not having them. He emphasizes that having the right contracts is crucial for running a legitimate and trouble-free online business.