An individual business is a business that’s owned by one person. It’s distinct from a structure for business that has multiple owners, such as a partnership or LLC that is a type of business, but structured and taxed in a different manner.
Individual companies aren’t required to register with the federal authorities, however they may require the use of a DBA or other permits and licenses. They’re not subject to the same tax laws as corporations and are not subject to unlimited liability, which means a lawsuit brought against a private company could cost them everything.
This article examines a specific type of business model that is under-explored – the business model that is individual. Based on a detailed longitudinal inductive study of chef and gastronomic innovator Ferran Adria, this article identifies triggers, mechanisms, and modifications in his own evolving business click this link here now model.
