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Welcome back. And it's time for the fun one,  we are going to talk about contracts. This is   the last substantive step in the checklist  we have put together for you for starting   a nonprofit. It's time to start thinking about  what sort of contracts do you need to put in place   for the actual operations of your nonprofit. I am  Mark Lyda, from Lyda Law Firm. Let's get started. [Music Plays] This is another video that we have done  kind of a similar one already in our   legal checklist for startup businesses,  so you might want to check that one out. Honestly, you might have fewer contracts  in place as a nonprofit than you might have   as a private business. There is no ownership of  a nonprofit. Nobody actually owns a nonprofit,   so that reduces the number of contracts you  might need in terms of like selling shares,   like a business might do or figuring  out other [00:01:00] ownership issues.   So that's one thing that reduces  your number of contracts. You may have employment  contracts, but they are not   necessary in every state, particularly at-will  employment states. If you are working with   independent contractors, not W-2 employees, but  people who are just vendors, or consultants,   and things like that — it's always a good idea  to define the relationship, the scope of work,   the payment, the duties, the right to terminate,  and all of that sort of stuff in a contract. So I definitely recommend written  contracts for independent contractors   or vendors. Again, these videos are  just for educational purposes. So   everybody's needs are different, and you  should consult a licensed professional in   your state. But, typically, it's prudent to have  a written contract with independent contractors. Another thing I have seen is for nonprofits  to have some sort of written commitment   or written duties defined for their board of  directors. So that's something you might consider   and assess whether that's a  good fit for your nonprofit. Then, lastly, another big one that you  see for nonprofits is a commercial real   estate lease. You may have an office space.  You may have some sort of community center,   where you are leasing from a commercial landlord,  and those commercial leases can be really long   and really complicated. And they can have a  ton of hidden fees and a ton of things that   you don't realize you're responsible for, or  you might not assume you're responsible for. So a commercial lease is something that is a  really good idea to make sure that you have   a lawyer look at it. You might also work with a  commercial real estate broker who is very familiar   with leases like that to make  sure that you really understand   everything that's in the fine print of  those commercial real estate leases. So those are some of the basic contract types for   nonprofits. You may have fewer contracts as a  nonprofit than you'd have as a private business.   But one last thing to keep in mind before  I conclude this video. It’s something I   mentioned in the liability and insurance needs  video, really, a liability waiver is a contract,   in a sense. So think about if you are involved in  any sort of high-risk activities or any sort of   activity where somebody could be injured, whether  it's in a car ride, or in some sort of athletic,   or a high-risk activity — definitely make sure  to have people sign liability waivers. You   can find a lot of those online or, of course,  consult a licensed professional in your state. So those are your contracts.  And, actually, that's the last   substantive video in this checklist. Thank you  so much for watching. Please remember to click   Like and Subscribe to help keep legal education  free and accessible for nonprofits and small   business owners. I'd also like to invite you  to listen to our podcast, Coffee Lunch Beer,   it's called. It's a mentorship podcast and  it's available wherever you get your podcasts. [Music Plays]