A single-owner business is one that is owned by one person. It’s distinct from a multiple-owner business structure, such as a partnership or LLC that is a type of business but more structured and taxed in a different way.

Individual businesses aren’t required to register with federal authorities, however they may require a DBA or other licenses and permits. They’re not subject to the same tax regulations as corporations and have unlimited liability, which means that a lawsuit brought against a private business could https://kauai-realtor.com/generated-post/ cost the company everything.

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