A single-owner business is one that is owned by one person. It’s different from a multi-owner business structure, like an LLC or partnership which is an entity, but more structured and taxed in a different way.
Individual businesses generally don’t have to register with the federal government, though they may require a DBA (doing business as) as well as any required licenses or permits. They’re not subject to the same tax regulations as corporations and are exempt from liability, which means that a lawsuit against an individual business could cost them everything.
This article focuses on an under-explored kind of business model – the business model that is individual. Based on an inductive study of the longitudinal nature of the chef and pioneer of the gastronomic world Ferran Adria’s evolving individual business model, this article identifies triggers and mechanisms.