A single-owner business is one that is owned by one person. It differs from a business structure with several owners, such as a LLC or partnership, which is a similar kind of business but structured and taxed in a different way.
Individual companies typically don’t need to register with the federal government. However, they might require a DBA (doing business under the name of) and any licenses or permits. They are not subject to the corporate tax rules, and they have unlimited liability. A lawsuit filed against a private company could result in a loss of everything.
This article examines an under-explored type of business model – the individual business. Based on a thorough longitudinal inductive case study on chef and gastronomic pioneer Ferran Adria, it pinpoints triggers, mechanisms, and modifications in his own evolving business model.