A single-owner business is one that is owned by one person. It’s different from a multiple-owner business structure, like a partnership or LLC that is a type of business but more structured and taxed differently.
Individual businesses are not required to register with federal authorities, however they might require the use of a DBA or other permits and licenses. They’re not subject to the same tax laws as corporations, and are subject to no liability, which means a lawsuit filed against an individual company could cost the company everything.
This article explores a largely unexplored kind of business model – the individual business. Based on a thorough longitudinal study of the inductive case study of chef and gastronomic pioneer Ferran Adria, this article identifies the triggers, mechanisms and shifts in his own evolving business model.