A single-owner business is one that is owned by a single person. It differs from a business structure with multiple owners, such as a partnership or LLC which is a similar type of business but structured and taxed in a different way.
Individual businesses are not required to register with the federal authorities, however they may require a DBA or other licenses and permits. They aren’t governed by the corporate tax rules and have unlimited liability. A lawsuit brought against a company’s individual could result in a loss of everything.
This article focuses on a kind of business model that is not widely explored – the individual business. Based on a longitudinal study of chef and gastronomic pioneer Ferran Adria’s evolving individual business model, this article identifies triggers and mechanisms.
