Individual Business - An Under-Exposed Type of Business Model

A single-owner business is one that is owned by one https://kauai-realtor.com/leveraging-virtual-data-room-services-for-business-success/ person. It's different from a business structure that has several owners, such as a partnership or LLC, which is a comparable type of business, however it's structured and taxed in a different way.

Individual businesses are not required to register with federal authorities, however they may require the use of a DBA or other permits and licenses. They're not subject to the same tax rules as corporations and have unlimited potential for liability, which means that any lawsuit brought against an individual business could end up costing them everything.

This article focuses on an under-explored type of business model - the business model that is individual. Based on a detailed longitudinal inductive study of chef and gastronomic innovator Ferran Adria, it identifies the triggers, mechanisms, and changes in his transforming personal business model.