<p>He owns his own business and has one employee: a secretary. He rents an office (it's a pretty small space). He does have computers and printers...and telephones. Haha</p>
<p>My question is:
Does this qualify as a business according to FAFSA? What about the CSS Profile (do we have to do the business/farm supplement?)</p>
<p>Please help!</p>
<p>Regarding the FAFSA, if you own a busines with 100 employees or less than the value of the business does not have to be reported on the FAFSA.</p>
<p>Regarding the Profile, they will ask your Dad to complete a business questionnaire. If the business which he owns is as you described, the value would include buildings (sounds as if this is not applicable in your case), equipment, cars, trucks, etc. If he has little or none of these then the value of the business is the owners good will.</p>
<p>If he’s tax filing as self-employed (either schedule C or filing a business tax return), he’ll have to do the business supplement for Profile. <em>If</em> he owns the majority of the business, controls it and has less than 100 employees, FAFSA ignores it. If he has an equal partner or owns less than 51%, he’ll have to include that on FAFSA, too.</p>
<p>Thanks for the responses! I never checked my thread until today… woops.</p>
<p>Anyways, I have another question! (:</p>
<p>If he does own cars but it’s like personal, then that’s not included in the business right? And his computers and printers are like… what he purchased himself so it’s practically like personal. </p>
<p>So would it be okay to put $0 for worth of business? Because he completely owns the business himself and it has no worth unless people want to buy it from him. and if they do want to buy his business, then they would like offer a price so there’s not really a set price. if no one wants it, then its worth nothing. So is $0 okay? </p>
<p>Any help would be great!</p>
<p>When FAFSA used to ask, I always answered with the actual sales value- if your DAd retired and sold the business what would some one pay?</p>
<p>Often in a small business based on sales or consulting that value is $0.</p>