Think about this: if the LLC is not making money and it hasn’t for some time, the IRS and perhaps the FA folks may say that it’s not really a business, and therefore the expenses are not allowed to be claimed as business deductions (for tax purposes) and the asset is not allowed to be excluded (for FA purposes). Otherwise, what’s to keep anyone who owns property other than their primary home from forming an LLC (cheap and easy) and deeding the property to the LLC so that it doesn’t show up on FAFSA?