This includes siblings, parents, grandparents and spouses
If the small business is a partnership where each partner owns exactly half of the business, and the family is one partner and a third party is the other, it does not qualify for the small business exclusion. In order to qualify, the family must own a majority of the business (more than half). Otherwise, the family does not control the business and must report it on the FAFSA as either a business asset or an investment. Continue reading “If they own 51% it is excluded; if they own 50% it is not excluded”