Help Me Figure Out a Fair Deal

Hello all.   I am new to this forum and I would love to hear your thoughts on a fair deal to offer a potential business partner.  

My family owns a small acreage in the Fingerlakes area of NY state.   Our family home is located here and we live on the site of this land     We don’t have a mortgage or any loans on the property - it is a legacy property that will be handed down to my sons in the future.  

Over the past 30 years we’ve planted hundreds of fruit and nut trees, berries, and perennial vegs.   We have a large barn, a small greenhouse, food forest and all the tractors and tools needed to run and maintain a permaculture farm and market garden.  

The farm is a hobby and our income comes from my job in Technology/Finance and our family businesses (construction and real estate rentals).  I am going to retire in a couple of years and would love to establish a market garden.  

I have 3 main reasons for doing this

1. The Work Itself- I love to work, love everything about gardening from the planning to the hands on work to the delicious food and knowing where it comes from. When I retire I will be looking for something to do and this is my dream business.  

 2. Financial - I would like to take advantage of the tax benefits (property and income).  I don’t need to earn income but I would like to offset some costs of maintaining my property.

3. Health - I want to have access to the products from the farm for my family.  

I would like to recruit a partner farmer for this endeavor, and I’m exploring options (in terms of legal structure and relationship) to make the prospect fair, attractive, beneficial, and fun for all parties.  

I have no interest in taking advantage of anyone and no need to do that. We are financially independent and of a libertarian mindset.   I would only want to do this in a way that works for everyone involved.  I also have no desire to be an employer.    I have a distaste for employer-employee relationships, and hierarchical relationships turn me off.   I like to have input and love to work as a team and have lots of experience with cooperative decision making.  

If you were the partner/farmer- what would interest you and how would you like to structure such a partnership?  

What would the deal look like that would be of interest to you?

What would your “deal breakers” be?

Hello fellow NY Permie! Welcome to the forum!

As you know, New York likes its red tape. My partner is a practicing Trusts and Estates/Business Law Attorney with a growing interest in rural/agricultural specific law.

I am not a lawyer, but I am eager to see what people indicate is important to them. You will want to make sure your personal assets are protected compared to what will be deemed "the farm". You may say someone isn't a worker, but if NYS says otherwise and that you should of been carrying associated insurances then they will go after whatever they can.

I believe something fair can be created, it just has to be done right in the eyes of the courts.