A business that is an individual one is a business that’s run by a single person. It is different from a business with multiple owners, like an LLC or partnership, which is a similar type of business but structured and taxed in a different way.
Individual businesses generally don’t have to register with the federal government, but they may require an DBA (doing business under the name of) and any necessary licenses or permits. They’re not subject to the same tax laws as corporations, and are subject to no potential for liability, which means that a lawsuit filed against an individual company could cost them everything.
This article examines an under-explored type of business model namely the individual business. Based on a thorough longitudinal study of the inductive case study of chef and gastronomic innovator Ferran Adria, it identifies the triggers, mechanisms, and changes in his ever-changing personal business model.
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