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 navigate to this site or partnership which is a form of business, but more structured and taxed in a different way.
Individual businesses are not required to register with the federal authorities, but they might require a DBA or other permits and licenses. They are not subject to the corporate tax rules and have unlimited liability. A lawsuit against a single company could result in a loss of everything.
This article explores an under-explored kind of business model – the individual business. Based on a detailed longitudinal inductive case study on chef and gastronomic innovator Ferran Adria, it identifies triggers, mechanisms, and modifications in his transforming personal business model.