A single-owner business is one that is owned by a single person. It’s distinct from a business structure that has multiple owners, like a partnership or LLC, which is a similar type of business but structured and taxed in a different way.
Individual businesses aren’t required to register with the federal authorities, however they might require a DBA or other licenses and permits. They’re not subject to the same tax rules as corporations and have unlimited liability, which means a lawsuit against an individual business could end up costing them everything.
This article examines a specific type of business model that isn’t being explored – the business model that is individual. Based on a longitudinal, inductive study of chef and pioneer of gastronomy Ferran Adria’s ever-changing personal business model, this article pinpoints triggers and mechanisms.