A single-owner business is one that is owned by one person. It’s distinct from a multi-owner business structure, like a partnership or LLC, which is also a form of business, but more streamlined and taxed in a different manner.
Individual companies aren’t required to register with the federal authorities, but they might require a DBA or other permits and licenses. 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 examines a specific type of business model that is not widely explored – the individual business. Based on a detailed longitudinal inductive case study of chef and gastronomic innovator Ferran Adria, this article identifies triggers, mechanisms and changes in his ever-changing personal business model.