An individual business is a type of business controlled by one individual. It’s different from a multiple-owner business structure, such as LLC or a 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, however they may require an DBA or other licenses and permits. They aren’t subject to the corporate tax regulations and are subject to unlimited liability. A lawsuit against a single company could cost them everything.
This article looks at a particular type of business model that isn’t being explored – the business model that is individual. Based on a longitudinal inductive study of chef and pioneer of gastronomy Ferran Adria’s evolving individual business model, this article examines triggers and mechanisms.