Individual Business – An Under-Exposed Type of Business Model
A business that is an individual one is a company that is owned by one person. It’s different from a multi-owner business structure, like an LLC or partnership which is an entity, but more structured and taxed in a different way.
Individual companies typically don’t need to register with the federal government. However, they may need a DBA (doing business under the name of) and any licenses or permits. They are not subject to the corporate tax rules and have unlimited liability. A lawsuit against an individual company could cost them everything.
This article looks at a particular type of business model that is under-explored – the individual business. Based on a comprehensive longitudinal study of the inductive case study of chef and gastronomic innovator Ferran Adria, this article identifies the triggers, mechanisms, and changes in his own evolving business model.
