Indiana_Greenfield payday loans

If they own 51% it is excluded; if they own 50% it is not excluded

If they own 51% it is excluded; if they own 50% it is not excluded 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. The US Department of Education issued subregulatory guidance that uses a laxer definition of family than appears in section 481(l) of the Higher Education Act. The US Department of Education guidance indicates that for the purpose of the small business exclusion, family is not restricted to individuals counted in household size on the FAFSA.