A single-owner business is one that is owned by one person. It’s different from a business structure with https://kauai-realtor.com/how-to-find-a-course-that-offers-the-right-degree-program multiple owners, for example a partnership or LLC that is a type of business, but it is structured and taxed in a different way.

Individual businesses aren’t required to register with the federal government, but they may need an DBA (doing business under the name of) and any required permits or licenses. They’re not subject to the same tax regulations as corporations and are not subject to unlimited liability, which means that a lawsuit brought against a private business could end up costing them everything.

This article focuses on a kind of business model that isn’t being explored – the individual business. Based on a detailed longitudinal inductive case study of chef and gastronomic pioneer Ferran Adria, it identifies triggers, mechanisms, and modifications in his own evolving business model.