A business that is an individual one is a company that is managed by a single individual. It’s different from a business structure with multiple owners, for example a partnership or LLC, which is a similar kind of business but structured and taxed in a different manner.
Individual businesses typically don’t have to register with the federal government, although they may require an DBA (doing business under the name of) and any required licenses or permits. They aren’t subject to the corporate tax rules and have unlimited liability. A lawsuit filed against a private company could cost them everything.
This article focuses on a kind of business model that is under-explored – the individual business. Based on a detailed longitudinal inductive case study on chef and gastronomic innovator Ferran Adria, this article identifies triggers, mechanisms, and modifications in his ever-changing personal business model.
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