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?