owner of small business

<p>I remember reading on some message board somewhere.... ( my head is spinning about now!) how some of the rules for small business owners had changed concerning the filing of financial aid paperwork. Does anyone remember reading a thread about this??</p>

<p><a href="http://talk.collegeconfidential.com/showthread.php?t=280868%5B/url%5D"&gt;http://talk.collegeconfidential.com/showthread.php?t=280868&lt;/a&gt;&lt;/p>

<p>Thanks somemom!!!!! You're the best! I told my husband all this time I spend on these message boards is not a waste of time!! ;)</p>

<p>One thing I have gleaned on business is that the value is that which you could sell it for, but now, depnding on the size of the biz, you may not need to declare it...on the FAFSA, at least ;)</p>

<p>"..the value is that which you could sell it for.."</p>

<p>No. The value, for purposes of financial aid applications, is the assets less the liabilities. The equipment and inventory, less the debt. Selling a business involves consideration of other things of value, such as goodwill, value of customer lists, and the like, that aren't considered for this purpose.</p>

<p>Perhaps a moot point now, for most businesses, for FAFSA apps.</p>

<p>Sblake, you're right, I meant the value of the assets would be the sale value not the book value, thanks for the clarification, that could be important</p>

<p>Oh, I see. We're both right! :)</p>