An individual business is a type of business owned by one person. It’s distinct from a multiple-owner business structure, like LLC or partnership which is an entity, but more streamlined and taxed in a different manner.
Individual companies aren’t required to register with federal authorities, but they might require an DBA or other licenses and permits. They’re not subject to the same tax rules as corporations and have unlimited liability, which means a lawsuit brought against a private business could cost them everything.
This article examines a specific type of business model that isn’t being explored – the individual business. Based on an inductive study of the longitudinal nature of chef and gourmet pioneer Ferran Adria’s evolving individual business model, this article identifies triggers and mechanisms.
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