A single-owner business is one that is owned by one person. It’s distinct from a multiple-owner business structure, such as LLC or partnership which is also about his a type of business, but more structured and taxed differently.
Individual businesses are not required to register with the federal authorities, however they may require the use of a DBA or other licenses and permits. They’re not subject to the same tax rules as corporations, and are subject to no potential for liability, which means that a lawsuit brought against a private company could cost them everything.
This article focuses on a kind of business model that has been under-explored – the business model that is individual. Based on a longitudinal, inductive study of the chef and pioneer of gastronomy Ferran Adria’s ever-changing personal business model, this article examines triggers and mechanisms.