There are a lot of things to do wrong and a lot of things to do right. The most important IMO is to not do what everyone else is doing. Nowadays there are just a handful of popular forum systems out there (vBulletin, phpBB, etc). All forums are being powered by the same systems and have the exact same features and operate the exact same way. So come up with a unique gimmick and distance yourself.
When DaniWeb started, the big thing was to have niche sites that united everyone on a single, particular topic ... such as a forum exclusively for everything Windows Vista or a car enthusiasts forum for everything Acura. What made us unique was that we were one of the only ones to figure out a way to put the convenience of everything under one roof without the site feeling like it has no direction and is just a mosh of random topics.
You mentioned legal trouble ... is there anything specific you're worried about potentially happening that you want to protect yourself from? Check out DaniWeb's AUP and Privacy Policy (links in footer and on registration page) and check out the AUPs of other forums as well. Find what you like about each one and piece together what works best for you.
At the very least, include something about how you're not responsible for harmful posts (i.e. defamatory posts). Some online communities choose to allow users to retain the rights to all content that they post while others, like DaniWeb, assume ownership of all content submitted to us. Research the benefits of each and find what works best for you.
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The Queen of DaniWeb
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since Feb 2002