A business that is an individual one is a business that is run by a single person. It’s different from a multi-owner business structure, like an LLC or partnership which is a form of business, but more structured and taxed differently.
Individual businesses are not required to register with the federal authorities, however they might require a DBA or other licenses and permits. They’re not subject to the same tax laws as corporations and are exempt from potential for liability, which means that a lawsuit against an individual business could cost the company everything.
This article looks at a particular type of business model that has been under-explored – the individual business. Based on an in-depth longitudinal inductive case study on chef and gastronomic innovator Ferran Adria, it identifies triggers, mechanisms and changes in his own evolving business model.