A single-owner business is one that is owned by one person. It’s different from a multi-owner business structure, such as LLC or partnership, which is also an entity, but more streamlined and taxed in a different manner.
Individual businesses aren’t required to be registered with the federal government, though they may need an DBA (doing business as) as well as any required licenses or permits. They are not subject to the corporate tax rules, and they have unlimited liability. A lawsuit against an individual company could result in a loss of everything.
This article looks at a particular type of business model that is not widely explored – the business model that is individual. Based on an inductive study of the longitudinal nature of the chef and pioneer of gastronomy Ferran Adria’s evolving individual business model, this article pinpoints triggers and mechanisms.
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