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chef
you should have a lawyer and your accountant work on an LLC operating agreement which spells out everything. Informal means you could get screwed.
You will have what the IRS calls a "carried interest" i.e you are rendering services to the partnership and your partner is rendering capital and her farm. It also sounds like you will be designated the manager.
You need to establish the values of these contributions upfront.The risk is someone else does , like IRS.
BTW this is a common setup in real estate partnerships.
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