A single-owner business is one that is owned by one person. It’s distinct from a multiple-owner business structure, like an LLC or partnership which is also a form of business, but more structured and taxed in a different way.
Individual businesses aren’t required to register with the federal government. However, they might require a DBA (doing business as) and any licenses or permits. They aren’t subject to the corporate tax rules, and they have unlimited liability. A lawsuit filed against a private company could result in a loss of everything.
This article explores a type of business model that is not widely explored – 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 pinpoints triggers and mechanisms.
