A single-owner business is one that is owned by a single person. It’s distinct from a business structure that has multiple owners, like a partnership or LLC that is a type of business, but structured and taxed in a different manner.
Individual businesses are not required to register with the federal authorities, however they might require a DBA or other licenses and permits. They’re not subject to the same tax laws 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 examines a specific type of business model that is under-explored – the individual business. Based on an inductive study of the longitudinal nature of chef and gourmet pioneer Ferran Adria’s evolving individual business model, this article examines triggers and mechanisms.