A business that is an individual one is a business that’s managed by a single individual. It’s different from a multiple-owner business structure, such as LLC or partnership which is also an entity, but more structured and taxed differently.
Individual businesses aren’t required to be registered with the federal government, but they might require an DBA (doing business under the name of) and any licenses or permits. They’re not subject to the same tax laws as corporations and are exempt from liability, which means that a lawsuit brought against a private business could end up costing the company everything.
This article examines an under-explored kind of business model – the business model that is individual. Based on an in-depth longitudinal study of the inductive case study of chef and gastronomic innovator Ferran Adria, the article identifies triggers, mechanisms and changes in his transforming personal business model.
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