Again, the LLC or whatever this business, has to qualify as a small business under FAFSA definitions. My friend did have properties, rentals owned by her business that qualified just fine and did not have to be reported for FAFSA. Owned all kinds of property in trust and by business, and got PELL for her kids, was verified and audited one year thoroughly and passed with flying colors. it was all fine. But not by CSS PROFILE. Didn’t get a cent from PROFILE schools out of their funds despite being PELL and low income state grant eligible.