There are several electrical gurus on here that answer this question about every other month, so be nice to them even if they are a little short with the answer - again and again. ;)
The answer will be no. 12 won't even be _close_, you are looking big fat wire for 700 feet - even for 'just' 20 amps.
And you _do_ need some sort of breaker box in the building. You even need to be feeding from a breaker wherever you are coming from.
You'll find you have to dig the trench, buy the boxes, and do all the labor anyhow and buy fatter wire anyhow - it would be _really_ smart to plan for a 60 amp box out in the building, and burry wire that will support 60 amp right from the get go. Yes you will have sticker shock on the price of the wire, but then it is done right and will do what you need to do.
In today's code, you likely need to run _four_ wires out there to get 220v, or 3 wires to get 120v. You need the ground, the nuetral, and one hot (for 120) or 2 hots (for 220v).
The nuetral & ground are _not_ the same and _can't_ be interchanged and we just had that discussion a couple days ago. :)
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