An individual business is a type of business owned by one person. It’s different from a multiple-owner business structure, such as LLC or partnership which is a type of business, but more structured and taxed in a different way.
Individual businesses Continue Reading generally don’t have to register with the federal government. However, they may need a DBA (doing business under the name of) and any required licenses or permits. They aren’t subject to the corporate tax rules and face unlimited liability. A lawsuit against an individual company could result in a loss of everything.
This article explores a type of business model that is not widely explored – the business model that is individual. Based on an in-depth longitudinal inductive case study of chef and gastronomic pioneer Ferran Adria, the article identifies the triggers, mechanisms and shifts in his evolving individual business model.
