A single-owner business is one that is owned by a single person. It’s distinct from a multiple-owner business structure, such as LLC or a partnership, which is also a form of business, but more structured and taxed differently.
Individual businesses are not required to register with federal authorities, but they may require the use of a DBA or other licenses and permits. They are not 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 looks at a particular type https://kauai-realtor.com/ of business model that is under-explored — the individual business. Based on an in-depth longitudinal inductive case study on chef and gastronomic pioneer Ferran Adria, the article identifies the triggers, mechanisms and shifts in his ever-changing personal business model.
