An individual business is a business that is managed by a single individual. It is different from a business with multiple owners, like a LLC or partnership, which is a comparable type of business, however it’s structured and taxed in a different way.

Individual https://kauai-realtor.com/make-ma-deals-easier-with-electronic-data-rooms-tools/ companies typically don’t need to be registered with the federal government, although they may need a DBA (doing business as) and any licenses or permits. They’re not subject to the same tax rules as corporations and have unlimited liability, which means that a lawsuit brought against a private business could end up costing them everything.

This article looks at a particular type of business model that is under-explored – the individual business. Based on a thorough longitudinal study of the inductive case study of chef and gastronomic pioneer Ferran Adria, the article identifies the triggers, mechanisms, and changes in his own evolving business model.