There's a little bit of that in there. Surprisingly, in the U.S. at least, there's not much of a gap between being a legal business entity (LLC, corp) and being able to be an ISP. You don't have to log much of anything (unless you're doing voice services as well). You do have to be able to intercept customer traffic without going on site physically in order to comply with law enforcement requests.

But as someone who is not a lawyer and has no business giving legal advice the best I can do is suggest that you talk to a real lawyer.