Individual Business – An Under-Exposed Type of Business Model

A business that is an individual one is a business that’s run by a single person. It’s different from a structure for business that has multiple owners, such as a LLC or partnership, that is a type of business, however it’s structured and taxed in a different manner.

Individual companies typically don’t need to be registered with the federal government, but they may need an DBA (doing business as) and any licenses or permits. They’re not subject to the same tax laws as corporations and have unlimited liability, meaning that https://kauai-realtor.com/how-to-make-a-board-work/ 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 business model that is individual. Based on an in-depth longitudinal study of the inductive case study of chef and gastronomic pioneer Ferran Adria, this article identifies the triggers, mechanisms, and changes in his ever-changing personal business model.