<p>Looking at sample for next year . Am self employed attorney . I obviously have " business " income , but to the question of do your parents own a business , is the correct answer yes ? There is really no asset value , ie buildings , equipment. If I state yes, and simply put a nominal value , will that raise red flags ? thanks</p>
<p>Really, you’re an attorney? You’ve got to be kidding!</p>
<p>Yes, if you are self-employed, you “own” a business - whether or not there are any tangible assets. Don’t you file a Schedule C???</p>
<p>If your business employs less than 100 people you do not declare any value.</p>
<p>thanks for the clarification and courteous reply</p>
<p>I believe the correct answer is “yes”. My husband is a self-employed architect and we answer that question “yes” on both the FAFSA and Profile. On the FAFSA because he has no employees and we own 100% of the business, we can list the value of the business as “0”. On the Profile, under current market value of the business, we only list the current value of the car that is owned by the business. If he had any current contracts, I would also add those fees to the value. But as there is no residual value to the business client list (nonexistent) or business name, and all office equipment has been fully depreciated, the business itself has little current value.</p>
<p>In three years of filing the Profile, we have not had to clarify this nor have we been chosen for verification, so it’s not an automatic red flag.</p>