A single-owner business is one that is owned by one person. It differs from a business structure that has multiple owners, such as a partnership or LLC, which is a similar type of business, but it is structured and taxed in a different manner.

Individual businesses aren’t required to register with the federal government, but they may need an DBA (doing business under the name of) and any click this link here now required licenses or permits. They’re not subject to the same tax rules as corporations and have unlimited liability, which means 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 individual business. Based on a longitudinal inductive study of chef and pioneer of gastronomy Ferran Adria’s evolving individual business model, this article pinpoints triggers and mechanisms.