Individual Business – An Under-Exposed Type of Business Model

A single-owner business is one that is owned by a single person. It’s different from a business with multiple owners, for example a partnership or LLC, which is a similar kind of business, but it is structured and taxed in a different manner.

Individual companies typically don’t need to register with the federal government. However, they might require a DBA (doing business as) as well as any required licenses or permits. They are not subject to the corporate tax regulations and are https://kauai-realtor.com/what-is-computer-science/ subject to unlimited liability. A lawsuit brought against a company’s individual could result in a loss of everything.

This article explores a largely unexplored type of business model: the individual business. Based on a longitudinal inductive study of chef and gastronomic pioneer Ferran Adria’s ever-changing personal business model, this article identifies triggers and mechanisms.