Individual Business – An Under-Exposed Type of Business Model
A single-owner business is one that is owned by a single person. It’s distinct from a multi-owner business structure, like LLC or a partnership which is also a type of business, but more structured and taxed in a different way.
Individual businesses typically don’t have to register with the federal government, but they may need a DBA (doing business under the name of) and any required permits or licenses. They’re not subject to the same tax rules as corporations and are exempt from liability, which means a lawsuit filed against an individual business could end up costing them everything.
This article explores a largely unexplored type of business model namely the business model that is individual. Based on a longitudinal study of chef and gourmet pioneer Ferran Adria’s ever-changing personal business model, this article identifies triggers and mechanisms.