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A business that is an individual one is a business that is owned by one person. It’s different from a multi-owner business structure, such as a partnership or LLC which is also a type of business but more structured and taxed differently.
Individual businesses aren’t required to register with federal authorities, however they may require an DBA or other permits and licenses. They aren’t subject to the corporate tax rules and have unlimited liability. A lawsuit filed against a private company could result in a loss of everything.
This article explores a largely unexplored type of business model: the individual business. Based on a comprehensive longitudinal inductive case study of chef and gastronomic pioneer Ferran Adria, it pinpoints triggers, mechanisms, and modifications in his transforming personal business model.