A single-owner business is one that is owned by a single person. It’s different from a multi-owner business structure, such as LLC or partnership which is a form of business, but more structured and taxed differently.
Individual companies aren’t required to register with federal authorities, however they might require the use of a DBA or other licenses and permits. They’re not subject to the same tax rules as corporations, and are subject to no liability, which means that any lawsuit brought against an individual business could end up costing them everything.
This article explores a largely unexplored kind of business model – the individual business model. Based on an in-depth longitudinal study of the inductive case study of chef and gastronomic pioneer Ferran Adria, it pinpoints the triggers, mechanisms, and changes in his transforming personal business model.
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