A single-owner business is one that is owned by a single person. It differs from a business structure with multiple owners, like an LLC or partnership, which is a similar type of business but structured and taxed in a different manner.
Individual businesses are not required to register with federal authorities, but they might require a DBA or other permits and licenses. They aren’t governed by the corporate tax rules, and they have unlimited liability. A lawsuit brought against a company’s individual could result in a loss of everything.
This article examines a specific type of business model that is under-explored – the business model that is individual. Based on a longitudinal inductive study of the chef and gastronomic pioneer Ferran Adria’s evolving individual business model, this article examines triggers and mechanisms.
