A business that is an individual one is a business that is owned by one person. It is different from a business structure that has multiple owners, for example a partnership or LLC which is a similar type of business, however it’s structured and taxed in a different way.
Individual businesses generally don’t have to be registered with the federal government, though they may need an DBA (doing business under the name of) as well as any required permits or licenses. They aren’t subject to the corporate tax rules and have unlimited liability. A lawsuit against a single 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 a comprehensive longitudinal study of the inductive case study of chef and gastronomic innovator Ferran Adria, this article identifies the triggers, mechanisms and shifts in his ever-changing personal business model.