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A single-owner business is one that is owned by one person. It’s distinct from a multi-owner business structure, such as LLC or partnership, which is also a form of business, but more structured and taxed differently.
Individual companies typically don’t need to register with the federal government, though they may need an DBA (doing business under the name of) as well as any required licenses or permits. They’re not subject to the same tax rules as corporations and are not subject to unlimited liability, meaning that any lawsuit brought against an individual business could cost them everything.
This article explores a type of business model that is not widely explored – the business model that is individual. Based on a longitudinal, inductive study of the chef and gastronomic pioneer Ferran Adria’s evolving individual business model, this article examines triggers and mechanisms.