A single-owner business is one that is owned by one person. It’s distinct from a multi-owner business structure, like an LLC or partnership, which is also an entity, but more structured and taxed in a different way.
Individual businesses generally don’t have to register with the federal government. However, they may require an DBA (doing business learn about data rooms for real estate professionals as) and any required licenses or permits. They aren’t governed by the corporate tax rules and have unlimited liability. A lawsuit against a single company could cost them everything.
This article focuses on an under-explored kind of business model – the individual business model. Based on a longitudinal study of chef and gastronomic pioneer Ferran Adria’s ever-changing personal business model, this article examines triggers and mechanisms.