A single-owner business is one that is owned by one person. It is https://kauai-realtor.com/how-to-find-the-best-place-to-learn-about-data-rooms-for-real-estate-professionals different from a structure for business that has multiple owners, for example a partnership or LLC, which is a similar kind of business, however it’s structured and taxed in a different way.
Individual businesses typically don’t have to be registered with the federal government, though they might require an DBA (doing business under the name of) and any required licenses or permits. They’re not subject to the same tax regulations as corporations and have unlimited liability, which means that a lawsuit brought against a private business could end up costing them everything.
This article explores a largely unexplored kind of business model – the business model that is individual. Based on a longitudinal study of chef and pioneer of gastronomy Ferran Adria’s evolving individual business model, this article pinpoints triggers and mechanisms.