Individual Business – An Under-Exposed Type of Business Model

An individual business is a type of business owned by one person. It’s distinct from a business structure that has several owners, such as an LLC or partnership, which is a similar kind of business, but structured and taxed in a different manner.

Individual businesses aren’t required to register with federal authorities, however they might require the use of a DBA or other permits and licenses. They aren’t governed by the corporate tax rules, and they have unlimited liability. A lawsuit https://kauai-realtor.com/how-to-make-a-board-work brought against a company’s individual could result in a loss of everything.

This article explores an under-explored type of business model: the individual business model. Based on a longitudinal inductive study of chef and gastronomic pioneer Ferran Adria’s ever-changing personal business model, this article examines triggers and mechanisms.