A business that is an individual one is a business that is run by a single person. It’s different from a business Resources structure that has multiple owners, such as a partnership or LLC which is a comparable type of business but structured and taxed in a different manner.
Individual businesses aren’t required to register with the federal authorities, however they may require an DBA or other permits and licenses. They’re not subject to the same tax rules as corporations and are exempt from potential for liability, which means that a lawsuit against an individual business could end up costing the company everything.
This article explores an under-explored type of business model: the business model that is individual. Based on an in-depth longitudinal inductive case study of chef and gastronomic pioneer Ferran Adria, this article identifies triggers, mechanisms, and modifications in his own evolving business model.