Individual Business – An Under-Exposed Type of Business Model

A single-owner business is one that is owned by a single person. It’s different from a multiple-owner business structure, such as LLC or partnership which is also a form of business, but more structured and taxed differently.

Individual businesses aren’t required to register with the federal authorities, but they might require a DBA or other licenses and permits. They’re not subject to the same tax regulations as corporations and have unlimited liability, which means a lawsuit against an individual business could cost the company everything.

This article examines a specific type of business model that isn’t being explored – the individual business. Based on a longitudinal study of the chef and gourmet pioneer Ferran Adria’s ever-changing personal business model, this article pinpoints triggers and mechanisms.

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