Individual Business – An Under-Exposed Type of Business Model
An individual business is a type of business controlled by one individual. It’s distinct from a multi-owner business structure, such as LLC or a partnership which is also a form of business, but more structured and taxed differently.
Individual businesses are not required to register with the federal authorities, but they might require the use of a DBA or other licenses and permits. They aren’t subject to the corporate tax regulations and are subject to unlimited liability. A lawsuit against a single company could cost them everything.
This article explores an under-explored type of business model: the individual business. Based on an inductive study of the longitudinal nature of the chef and gourmet pioneer Ferran Adria’s evolving individual business model, this article identifies triggers and mechanisms.
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