An individual business is a type of business owned by one person. It’s distinct from a structure for business that has multiple owners, such as a LLC or partnership, which is a similar type of business, however it’s structured and taxed in a different manner.
Individual businesses are not required to register with federal authorities, however they may require the use of a DBA or other licenses and permits. They are not subject to the corporate tax regulations and are subject to unlimited liability. A lawsuit against an individual company could cost them everything.
This article examines an under-explored type of business model namely the individual business https://kauai-realtor.com/what-are-professional-and-technical-disciplines-in-real-estate/ model. Based on a comprehensive longitudinal inductive study of chef and gastronomic innovator Ferran Adria, it identifies triggers, mechanisms, and modifications in his transforming personal business model.