An individual business is a type of business controlled by one individual. It’s distinct from a multiple-owner business structure, like a partnership or LLC which is also a type of business but more structured and taxed in a different way.
Individual companies aren’t required to register with the federal https://kauai-realtor.com/how-to-make-a-board-work authorities, but they might require the use of a DBA or other permits and licenses. They’re not subject to the same tax regulations 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 looks at a particular type of business model that has been under-explored – the individual business. Based on a longitudinal study of chef and pioneer of gastronomy Ferran Adria’s ever-changing personal business model, this article pinpoints triggers and mechanisms.