A business that is an individual one is a type of business managed by a single individual. It’s different from a multiple-owner business structure, such as LLC or partnership which is a type of business, but blog link more structured and taxed differently.
Individual businesses generally don’t have to register with the federal government, although they may need an DBA (doing business under the name of) and any necessary permits or licenses. They’re not subject to the same tax rules as corporations and are not subject to unlimited potential for liability, which means that any lawsuit brought against an individual business could cost the company everything.
This article focuses on a kind of business model that is not widely explored – the individual business. Based on a longitudinal, inductive study of chef and pioneer of the gastronomic world Ferran Adria’s ever-changing personal business model, this article identifies triggers and mechanisms.
