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An individual business is a company that is run by a single person. It’s different from a multi-owner business structure, like a partnership or LLC that is a type of business but more structured and taxed differently.
Individual businesses aren’t required to register with federal authorities, however they may require the use of a DBA or other licenses and permits. They’re not subject to the same tax regulations as corporations and are exempt from liability, which means a lawsuit filed against an individual company could cost the company everything.
This article focuses on a kind of business model that is under-explored – the individual business. Based on a thorough longitudinal study of the inductive case study of chef and gastronomic pioneer Ferran Adria, the article identifies the triggers, mechanisms and shifts in his transforming personal business model.