A business that is an individual one is a business that is owned by one person. It is different from a business with several owners, such as an LLC or partnership, which is a comparable type of business, however it’s structured and taxed in a different way.
Individual businesses typically don’t have to be registered with the federal government, but they may need an DBA (doing business under the name of) and any necessary permits or licenses. They aren’t governed by the corporate tax regulations and are subject to unlimited liability. A lawsuit brought against a company’s individual could cost them everything.
This article explores an under-explored type of business model namely the individual business model. Based on a longitudinal inductive study of chef and gourmet pioneer Ferran Adria’s evolving individual business model, this article examines triggers and mechanisms.