A single-owner business is one that is owned by a single person. It’s distinct from a multiple-owner business structure, like LLC or a partnership which is a type of business but more structured and taxed differently.
Individual companies aren’t required to register with federal authorities, however they may require an 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 cost them everything.
This article explores a type of business model that is not widely explored – the individual business. Based on a comprehensive longitudinal study of the inductive case study of chef and gastronomic pioneer Ferran Adria, it pinpoints triggers, mechanisms and changes in his transforming personal business model.
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