What do I need in order to absolve my co-owners from liability regarding a business that I want to run on the property?
Question Details: My 2 brothers and I own a large mountain acreage. I have a yurt on the property that I would like to operate a bed and breakfast from. This would be my business with no involvement from my brothers. They are fine with this as long as they are absolved of liability. We are not an LLC. What do I need to do?
You can't absolve them of liability, because you cannot make other people (e.g. any visitors to the yurt) give up their right to sue any/all property owners for injuries. Anything between you and your brothers only affects your rights regarding each other; it does not affect the rights of people who do not sign or are not party to the agreement.
The best you can do:
1) Get adequate or more-than-adequate liability insurance.
2) Enter into an agreement with your brothers that you will "indemnify" (reimburse or pay for) any "damages" or amounts/costs/losses they incur due to the B&B.
3) Have guests sign liabiltiy waivers before the check in. The waivers will not protect you from hazards which you created or were aware of but failed to correct (e.g. if you are aware of rotting or cracking steps to the yurt but don't repair them, and as a result someone is injured) but it can protect you from being sued for risks you are not responsible for (e.g. from someone suing becasue they tripped over a stick on the ground--something that can found in most wilderness areas--and fell badly).