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Legal implications of VPN/VPS?

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If I were to provide VPN and VPS services for a small fee to third parties - where do I stand if they were to be abused, i.e ddos/copyright infringement/other legal activity.

Is there a way around this? I'm assuming something in the TOS to explain that they are liable for any actions and consequences that might arise from the use of the service they rent. Or - being the provider am I basically liable for it too?


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