A single-owner business is one that is owned by a single person. It’s different from a structure for business that has multiple owners, like a LLC or partnership, that is a type of business, but structured and taxed in a different way.
Individual companies typically don’t need to be registered https://kauai-realtor.com/how-to-make-a-board-work with the federal government, although they may need an DBA (doing business as) as well as any required permits or licenses. They’re not subject to the same tax rules as corporations, and are subject to no liability, which means a lawsuit brought against a private business could cost them everything.
This article examines an under-explored type of business model: the individual business. Based on a detailed longitudinal inductive case study on chef and gastronomic innovator Ferran Adria, the article identifies triggers, mechanisms and changes in his own evolving business model.
