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It depends on how your LLC is taxed and your role in it.

For federal financial aid (FAFSA), the rules hinge on whether your LLC is considered a business you own vs. a passive investment:

If you (or your parents) own and control the LLC, the business assets likely need to be reported on the FAFSA, but there's an exception: if the business has fewer than 100 employees, it may qualify as a "small business" exemption and the assets don't count against you.

How the LLC is taxed matters too. If it's a single-member LLC (taxed as a sole proprietorship) or a flow-through entity (S-corp or partnership), the income flows to your personal return and will definitely affect your Expected Family Contribution (EFC). If it's taxed as a C-corp, the treatment can differ.

What actually hurts you most on FAFSA is income, not assets — so if the LLC is profitable, that's the bigger concern regardless of what assets it holds.

A few things to clarify when you chat with a CPA:
- Are you the student, or are you a parent asking about your child's aid?
- How is the LLC taxed (sole prop, partnership, S-corp)?
- Is the LLC actively operated or more of a holding entity?

Those details would let a tax pro know exactly what needs to be reported and what the impact would be.