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In this video tutorial, having affiliates for your digital product or online course can expand your reach, but not setting up your affiliate program properly can create liability for your business. The key points discussed include the importance of including commission and payout structure, compliance with laws and regulations, limitations of liability, and termination clauses in your affiliate agreement. Amy Nesheim, a lawyer for creative entrepreneurs, emphasizes the necessity of these core pieces to protect your online business and stay on the right side of the law.