Ask HN: Legal Blurbs (terms/privacy policy) - backed by formal entity?

I am going to be launching a site for the Indian market in the next few weeks. I live in the US.

I have a couple of questions regarding the legal aspects such as Terms of Use, Privacy Policy, and Disclaimer. Given the domain the site will be in, it's very important that I am covered against any liability and have that indemnity.

Does the legal "stuff" need to be supported/backed by a legal entity (document/attorney/company)? I can create comprehensive legal blurbs by looking at other sites in the same area and even get it verified by a lawyer. However, do they need to have any underlying support in the form of a company/LLC? Or does simply having it on the site disassociate me from potential risks?

Also, how does it work given that the site's users will be in India while it's run from the US? Has anyone had this experience before?