A single-owner business is one that is owned by one person. It’s different from a business with multiple owners, such as a partnership or LLC which is a comparable type of business, however it’s structured and taxed in a different way.

Individual companies typically don’t need to register with the federal government, though they may need an DBA (doing business as) and any required permits or licenses. They’re not subject to the same tax laws as corporations and are not https://kauai-realtor.com/technical-writing-and-technical-disciplines/ subject to unlimited potential for liability, which means that a lawsuit filed against an individual company could cost the company everything.

This article explores an under-explored type of business model namely the individual business model. Based on a detailed longitudinal inductive study of chef and gastronomic innovator Ferran Adria, the article identifies triggers, mechanisms and changes in his own evolving business model.