An individual business is a business that is run by a single person. It’s different from a multiple-owner business structure, such as LLC or partnership that is a type of business but more structured and taxed differently.
Individual businesses aren’t required to register with federal authorities, but they may require a DBA or other permits and licenses. They aren’t subject to the corporate tax rules and have unlimited liability. A lawsuit against an individual company could result in a loss of everything.
This article explores a largely unexplored type of business model: the individual business. Based on a longitudinal, inductive study of chef and gourmet pioneer Ferran Adria’s evolving individual business model, this article pinpoints triggers and mechanisms.