Reseller: Legality questions

[Imagine]

Hi everyone!
I sure hope some people here are well-knowledged in law - I'm not too sure where to turn with these questions, and seeing as The Answer Bank has served me well with all my other questions... well, here goes ;)

I've recently signed up to a 'Reseller' hosting package. A company gives me lots of bandwidth, webspace and features, and I may then sell these on and create my own packages for sale to other customers.

I'm worried about the whole legal side of this. I have finished some Terms and Conditions (terms of service) which sound pretty official - do I need these verified by a professional lawyer or anything?
Another concern is payment - I intend to use Paypal to process any fees using a Business-type account, but does my actual bank account (where I got my debit card from) need to be a 'business account', or will a personal account do?
Do I need any sort of insurance for my eCompany, or is it OK as long as my terms and conditions cover me?

Thanks all, these are my main concerns, and I hope someone has some answers!

Cheers,
Imagine

[boobesque]

this is the same setup as if you were to buy a shop. you need you're own terms and conditions for your customers if you are selling them something, as im sure that the terms and conditions you will have to agree to will not cover 3rd parties, for instance if someone that you sell to break the terms of conditions you could be liable. on that note you will most probably need insurance. as you are selling them something you will also need receipts. you must really treat this as a physical business agreement. what would you do if you were to actually buy a business? if you didnt know much about law you would definately get a solicitor. same if you didnt know much about accounting. there is always someone there to do things for you, legally and proffessionally, if you cant yourself. opting out of help that you need may lead to many future court appearances. be careful

[Imagine]

Not exactly the reply I wanted to hear. :(.

I've got terms and conditions, cover myself pretty nicely. Indemnification is in there, as long as 'unacceptable material', consequences, etc.

Insurance will be a problem. I'll have to look in to that one deeper. Also, using PayPal keeps logs - I suppose these count as receipts, as this is all electronically sold?

I'll ask around more places.

Thanks for the reply,
Imagine