Individual Business – An Under-Exposed Type of Business Model

A single-owner business is one that is owned by one person. It’s different from a multiple-owner business structure, such as an LLC or partnership which is an entity, but more structured and taxed differently.

Individual businesses are not required to register with federal authorities, however they might https://kauai-realtor.com/generated-post-2/ require an DBA or other permits and licenses. They aren’t governed by the corporate tax rules and face unlimited liability. A lawsuit filed against a private company could result in a loss of everything.

This article looks at a particular type of business model that is not widely explored – the individual business. Based on a longitudinal study of chef and gastronomic pioneer Ferran Adria’s ever-changing personal business model, this article identifies triggers and mechanisms.