A single-owner business is one that is owned by one person. It is different from a business with multiple owners, for example a LLC or partnership, which is a similar kind of business, however it’s structured and taxed in a different manner.
Individual companies typically don’t need to register with the federal government. However, they may need a DBA (doing business as) and any necessary permits or licenses. They’re not subject to the same tax rules as corporations and are exempt from liability, which means that any lawsuit brought against an individual business could end up costing the company everything.
This article explores a largely unexplored type of business model: the individual business model. Based on an inductive study of the longitudinal nature of the chef and pioneer of gastronomy Ferran Adria’s evolving individual business model, this article pinpoints triggers and mechanisms.