A single-owner business is one that is owned by one person. It is different from a business structure with multiple owners, such as a LLC or partnership, that is a type of business but structured and taxed in a different way.
Individual businesses are not required to register with the federal authorities, however they may require a DBA or other licenses and permits. They aren’t subject to the corporate tax rules and face unlimited liability. A lawsuit against an individual company could result in a loss of everything.
This article examines a specific type of business model that isn’t being explored – the business model that is individual. Based on a longitudinal, inductive study of chef and gastronomic pioneer Ferran Adria’s ever-changing personal business model, this article identifies triggers and mechanisms.
POSTED BY
John Avery
1st October 2024
