A business that is an individual one is a business that’s managed by a single individual. It’s distinct from a business structure with multiple owners, like a partnership or LLC, which is a comparable type of business, but it is structured and taxed in a different manner.
Individual businesses are not required to register with federal authorities, however they might require an DBA or other licenses and permits. They’re not subject to the same tax regulations as corporations and are exempt from liability, meaning that a lawsuit brought against a private business 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 study of chef and gourmet pioneer Ferran Adria’s evolving individual business model, this article pinpoints triggers and mechanisms.
