A business that is an individual one is a business that’s owned by one person. It’s distinct from a business with multiple owners, such as a partnership or LLC, which is a conduct individual businesses similar type of business, but it is structured and taxed in a different way.
Individual businesses aren’t required to register with federal authorities, but they might require an DBA or other licenses and permits. They aren’t governed by the corporate tax rules, and they have unlimited liability. A lawsuit against a single company could cost them everything.
This article focuses on a kind of business model that is not widely explored – the business model that is individual. Based on a comprehensive longitudinal study of the inductive case study of chef and gastronomic pioneer Ferran Adria, this article identifies the triggers, mechanisms, and changes in his ever-changing personal business model.