Individual Business – An Under-Exposed Type of Business Model

A business that is an individual one is a company that is run by a single person. It’s distinct from a business with multiple owners, for example a partnership or LLC which is a comparable type of business but structured and taxed in a different way.

Individual businesses generally don’t have to be registered with the federal government, though they may need a DBA (doing business under the name of) and any required licenses or permits. They’re not subject to the same tax rules as corporations and are exempt from liability, meaning that a lawsuit filed against an individual business could end up costing them everything.

This article examines an under-explored type https://kauai-realtor.com/technical-writing-and-technical-disciplines of business model namely the individual business model. Based on a thorough longitudinal inductive study of chef and gastronomic innovator Ferran Adria, the article identifies triggers, mechanisms and changes in his own evolving business model.