A single-owner business is one that is owned by one person. It’s different from a multiple-owner business structure, such as LLC or a partnership, which is also a form of business, but more streamlined and taxed in a different manner.
Individual businesses are not required to register with the federal authorities, however they might require an DBA or other licenses and permits. They’re not subject to the same tax rules as corporations and have unlimited liability, meaning that a lawsuit brought against a private business could end up costing them everything.
This article explores a type of business model that isn’t being explored – the business model that is individual. Based on an inductive study of the longitudinal nature of chef and pioneer of gastronomy Ferran Adria’s ever-changing personal business model, this article pinpoints triggers and mechanisms.
