A business that is an individual one is a type of business run by a single person. It’s different from a multi-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, but they might require an DBA (doing business under the name of) and any necessary licenses or permits. They aren’t governed by the corporate tax rules and have unlimited liability. A lawsuit filed against a private company could cost them everything.
This article examines a specific type of business model that isn’t being explored – the business model that is individual. Based on a comprehensive longitudinal inductive case study of chef and gastronomic innovator Ferran Adria, this article identifies the triggers, mechanisms and shifts in his ever-changing personal business model.
