A single-owner business is one that is owned by one person. It’s distinct from a multi-owner business structure, such as an LLC or partnership which is a type of business but more streamlined and taxed in a different manner.
Individual businesses are not required to register with the federal authorities, however they may require the use of a DBA or other permits and licenses. They aren’t governed by the corporate tax regulations and are subject to unlimited liability. A lawsuit against an individual company could cost them everything.
This article explores a type of business model that has been under-explored – the business model that is individual. Based on a longitudinal, inductive study of chef and gourmet pioneer Ferran Adria’s evolving individual business model, this article identifies triggers and mechanisms.