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Having affiliates can expand the reach of your digital product or online course, but it also increases potential liability if the affiliate program isn't properly established. In this video, Amy Nesheim, a lawyer for creative entrepreneurs, outlines four essential components to include in an affiliate agreement. The first key aspect is the commission and payout structure, detailing the commission amount and terms. She emphasizes the importance of setting up these elements correctly to protect your business. The video encourages viewers to subscribe for more legal insights relevant to online entrepreneurship.