Individual Business – An Under-Exposed Type of Business Model

A single-owner business is one that is owned by one person. It differs from a business structure that has multiple owners, like a partnership or LLC, which is a similar type of business, however it’s structured and taxed in a different way.

Individual businesses typically don’t have to register with the federal government, but they might require a DBA (doing business under the name resource of) and any required permits or licenses. They aren’t subject to the corporate tax rules and have unlimited liability. A lawsuit against a single company could result in a loss of everything.

This article explores an under-explored type of business model: the business model that is individual. Based on an inductive study of the longitudinal nature of the chef and gourmet pioneer Ferran Adria’s evolving individual business model, this article examines triggers and mechanisms.