Individual Business – An Under-Exposed Type of Business Model

A business that is an individual one is a company that is run by a single person. It’s different from a multiple-owner business structure, such as an LLC or partnership which is also a type of business, but more streamlined and taxed in a different manner.

Individual businesses aren’t required to register with federal authorities, but they may require the use of a DBA or other licenses and permits. They aren’t subject to the corporate tax rules, and they have unlimited liability. A lawsuit against a single company could https://kauai-realtor.com/how-to-find-a-course-that-offers-the-right-degree-program cost them everything.

This article explores an under-explored type of business model – the business model that is individual. Based on a detailed longitudinal inductive study of chef and gastronomic innovator Ferran Adria, it identifies triggers, mechanisms and changes in his ever-changing personal business model.