An individual business is a company that is run by a single person. It differs 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 way.
Individual businesses generally don’t have to register with the federal government. However, they might require an DBA (doing business under the name of) as well as any required licenses or permits. They’re not subject to the same tax rules as corporations and have unlimited liability, which means any lawsuit brought against an individual business could end up costing them everything.
This article explores a type of business model that is under-explored – the business model that is individual. Based on a thorough longitudinal inductive case study of chef and gastronomic innovator Ferran Adria, it pinpoints the triggers, mechanisms and shifts in his ever-changing personal business model.