A single-owner business is one that is owned by a single person. It differs from a business structure that has multiple owners, such as a partnership or LLC, which is a similar type of business, but structured and taxed in a different manner.
Individual companies typically don’t need to register with the federal government, though they may require a DBA (doing business under the name of) and any necessary permits or licenses. They’re not subject to the same tax laws as corporations and are not subject to unlimited potential for liability, which means that any lawsuit brought against an individual company could cost them everything.
This article examines 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 gastronomic pioneer Ferran Adria’s evolving individual business model, this article pinpoints triggers and mechanisms.