A single-owner business is one that is owned by a single person. It’s distinct from a business with multiple owners, like an LLC or partnership, which is a similar type of business but structured and taxed in a different manner.
Individual businesses aren’t required to register with federal authorities, but they might require an DBA or other licenses and permits. They aren’t governed by the corporate https://kauai-realtor.com/generated-post-2 tax rules and face unlimited liability. A lawsuit against a single company could result in a loss of everything.
This article explores a largely unexplored type of business model: the individual business model. Based on a comprehensive longitudinal inductive case study of chef and gastronomic innovator Ferran Adria, it pinpoints triggers, mechanisms, and modifications in his transforming personal business model.
