<p>My family owns a small, home based, sole proprietor. </p>
<p>Alright, first question: Do I need to fill in question 6, 11-16?(Business/Farm Supplement) It says on the form: "If you are the owner or part owner of a partnership or a corporation: (1) enter your percentage of ownership (question 6); (2) enter total income, expense deductions, and profit for the entire business entity (questions 1115); and (3) enter your share of net profit (question 16)."</p>
<p>Second question: How do I fill in the assets section? The entire cashflow is from our pockets; there is no 'company fund'. And since it is a home-based service-providing business, there's not much equipment(unless you want to count the fax machine. </p>
<p>Now, another question on a different form. On the International Student certification of finances, where it asks for this:
"OFFICIAL CERTIFICATION OF SOURCES OF FUNDS AND AMOUNTS
This is to certify that I have read the information furnished by the applicant on this form, that it is a true and accurate statement, and that the funds are available and will be provided as indicated.
SIGNATURE OF
BANK OFFICIAL____________________________________________________
"
Could I submit bank certification of balances? They are separate forms. Additionally, my family's savings are spread over several banks. =</p>
<p>You see, I am quite clueless about FA forms. =(
Any and all help will be much appreciated!</p>
<p>You would put 100% for question #6 and then answer questions #11 - 16</p>
<p>Assets : that would include money in the business saving/checking account, the value of whatever product you sell etc. Your parents and/or their accountant should be able to help you fill out this section.</p>
<p>Wait a minute. A sole proprietor is not a partnership, nor a corporation unless it is a P.C. or L.L.C.. Your business would not apply to this section.</p>
<p>Given the scale and structure of my family's business, we don't have any business saving accounts, equipment or inventory(service). Do I just put zeros in the assets section? Wouldn't be much point to the form then right?</p>
<p>When you are a sole proprietor, basically the money in your business is not even considered to be separate from your personal money for purposes of being sued. On taxes, you don't even have to fill out a separate return for this kind of business, you simply fill out a Schedule C and get a home office deduction. My point is that I believe that this question does not apply to a solo run home based business because it is really not any different than self-employment.</p>
<p>The problem is here is that I am an international student. The university expects me to mail in the form directly to them, not through the FAFSA. I have contacted them regarding the above problems.
I really hope I don't have to fill it in. My mind is bulging with all these forms and essays. </p>
<p>I think you do have to fill out the Business/Farm Supplement even for Schedule C businesses. We have several <em>micro</em> businesses, but filled out a form for each. For the home businesses that had no assets, we just put 0's in Column C on the back. </p>
<p>What about the new rule wherein a business of 10 or less employees does not have to be included in calculations? Does one still have to declare the value or should it be exempt? I have not done the '08 FAFSA yet (hangs head in shame) so am not sure what they are asking in dealing with that change</p>
<p>sorry to kinda hijack your thread, but for question 6 (what percent of the business do you own), is this question directed towards the parents or student?</p>
<p>Just to be clear, while it seems most people fill this out as a parent, what if you are a student and your spouse owns a small home-based business, does the form still need to be filled out?</p>