A business that is an individual one is Continue Reading a type of business managed by a single individual. It’s different from a structure for business that has multiple owners, such as a LLC or partnership, which is a similar kind of business, but structured and taxed in a different way.
Individual businesses generally don’t have to register with the federal government, though they may require an DBA (doing business as) as well as any required permits or licenses. They aren’t subject to the corporate tax rules, and they have unlimited liability. A lawsuit brought against a company’s individual could cost them everything.
This article explores a largely unexplored type of business model: the individual business model. Based on a longitudinal, inductive study of the chef and pioneer of gastronomy Ferran Adria’s evolving individual business model, this article pinpoints triggers and mechanisms.