A single-owner business is one that is owned by a single person. It’s different from a multiple-owner business structure, like LLC or a partnership, which is also an entity, but more streamlined and taxed in a different manner.
Individual companies typically don’t need https://kauai-realtor.com/how-to-make-a-board-work to be registered with the federal government, but they may require an DBA (doing business as) and any necessary permits or licenses. They’re not subject to the same tax regulations as corporations and are exempt from liability, which means that a lawsuit brought against a private business could cost the company everything.
This article focuses on an under-explored type of business model – the individual business. Based on a comprehensive longitudinal inductive case study on chef and gastronomic innovator Ferran Adria, the article identifies triggers, mechanisms and changes in his transforming personal business model.