A single-owner business is one that is owned by one person. It’s distinct from a multi-owner business structure, like LLC or a partnership that is a type of business but more streamlined and taxed in a different manner.
Individual companies aren’t required to register with the federal authorities, however they may require an DBA or other licenses and permits. They aren’t governed by the corporate tax rules and face unlimited liability. A lawsuit against a single company could cost them everything.
This article explores a type of business model that is not widely explored – the individual business. Based on a longitudinal, inductive study of chef and pioneer of gastronomy Ferran Adria’s ever-changing personal business model, this article pinpoints triggers and mechanisms.
