What is the name of your state (only U.S. law)? Oregon
First, the facts:
1. 160 acre farmland currently in my mother’s estate is partially being sharecropped as well as kept within the Conservation Reserve Program.
2. My brother desires to share with me 50% of the farmland, which would be settled through probate.
3. He claims that we do not have a business, nor do we need one, such as a partnership.
4. He also states that we would never have any liability issues and that there is no need to have an LLC.
My questions are… Can two people engage in sharecropping, realizing expenses and income, and not be considered as having a business? Secondly, are there any liability factors in sharecropping that landlords should consider that could warrant the expense of forming an LLC? And finally, while I tend to lean towards having partnership agreements as well as an LLC, am I making a mountain out of a molehill, or is my brother just a bit naïve over these matters?
First, the facts:
1. 160 acre farmland currently in my mother’s estate is partially being sharecropped as well as kept within the Conservation Reserve Program.
2. My brother desires to share with me 50% of the farmland, which would be settled through probate.
3. He claims that we do not have a business, nor do we need one, such as a partnership.
4. He also states that we would never have any liability issues and that there is no need to have an LLC.
My questions are… Can two people engage in sharecropping, realizing expenses and income, and not be considered as having a business? Secondly, are there any liability factors in sharecropping that landlords should consider that could warrant the expense of forming an LLC? And finally, while I tend to lean towards having partnership agreements as well as an LLC, am I making a mountain out of a molehill, or is my brother just a bit naïve over these matters?