A single-owner business is one that is owned by a single person. It’s different from a multiple-owner business structure, such as an LLC or partnership which is also an entity, but more structured and taxed in a different way.
Individual companies aren’t required to register with the federal authorities, but they may require a DBA or other licenses and permits. They’re not subject to the same https://kauai-realtor.com/technical-writing-and-technical-disciplines tax rules as corporations and are exempt from liability, which means a lawsuit filed against an individual business could end up costing them everything.
This article looks at a particular type of business model that isn’t being explored – the individual business. Based on a comprehensive longitudinal study of the inductive case study of chef and gastronomic innovator Ferran Adria, the article identifies triggers, mechanisms, and modifications in his own evolving business model.