A business that is an individual one is a type of business controlled by one individual. It differs from a business structure with multiple owners, such as a LLC or partnership, which is a similar type of business, however it’s structured and taxed in a different manner.
Individual businesses aren’t required to register with the federal authorities, however they might require a DBA or other permits and licenses. They’re not subject to the same tax rules as corporations, and are subject to no liability, which means that a lawsuit brought against a private company could cost the company everything.
This article examines an under-explored type of business model namely the business model that is individual. Based on an inductive study of the longitudinal nature of the chef and gourmet pioneer Ferran Adria’s ever-changing personal business model, this article identifies triggers and mechanisms.