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I jointly own a piece of land with my sibling on which we have built stables. They are planning to rent out a number of the stables to another party. The business will be their interest only (I will not be a part of it) and I will be receiving no income or benefits from it. We will be jointly purchasing public liability insurance to cover the land and stables. (as I am aware that as land owner I am responsible for injuries, accidents etc. that may occur on the land).

As joint owner of the land, would I be in any way liable for the operation of the business. e.g. ensuring income declaration, business rates, tax etc?

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  • No, but if they've use the land as security for the business, they could lose their half
    – Richard
    May 15, 2022 at 20:14
  • You should specify whether you hold the land as joint tenants or tenants in common, whether your sibling's business will be an unlimited liability entity (e.g. sole proprietor, unlimited company) or a limited liability entity (e.g. limited company, LLP), and whether they will use the land as security. I suspect (although I'm not sure enough to write an answer) that if you are joint tenants, and someone pursues a claim against your sibling's unlimited entity (or a limited one with the land as security) then the whole of the land could be lost.
    – JBentley
    May 16, 2022 at 9:54

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