business and liability (to open up a bait shop and sell bait)

Ok, so for a year now I have had the idea to open up a "bait shop" and sell bait. I live with my parents still (short drive to college) and would like to just run it out of the shop we have just off of our street (I live just a little bit out of town). They are worried about the liability that could come up and I am to. I'm just wondering what all could happen and what they or I would be liable for if I did this.

[AFFA]

I wish to inform you that your liability will be as follows:
i) You will require necessary licences to open your shop. These will include a dealer's license from the Department of Resources and a seller's permit from the Department of Revenue.
ii) You will require minnow tanks with at least 6 stalls. The minnow tanks will have air lines and continuous water lines.
iii) For packaging, you will need plastic containers.
iv) Worm bedding will also be needed.
v) You may be liable towards any credit taken and which is not paid back.
vi) Lastly, bait shops have long working hours.


AFF