A single-owner business is one that is owned by a single person. It’s different from a multiple-owner business structure, such as a partnership or LLC that is a type of business but more structured and taxed differently.
Individual businesses aren’t required to be registered with the federal government, though 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 regulations as corporations and are exempt from potential for liability, which means about his that a lawsuit against an individual business could end up costing them everything.
This article explores a largely unexplored type of business model – the individual business. Based on a comprehensive longitudinal inductive study of chef and gastronomic pioneer Ferran Adria, the article identifies the triggers, mechanisms and shifts in his own evolving business model.