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Hello.
A friend and I are starting a business, and I'm handling most of the web development, although he is paying for hosting and such. We don't know what webhosting service we will use, however, as a rule of thumb, do we have the legal rights to sell advertising space to other companies if we use paid hosting? Such as they pay us for us to advertise their ads on our site? I assume the obvious answer is 'yes', but I just wanted to be sure.
Check with the hosts ToS. Normally yes. Also, it depends on the laws of the place you host your site.