A single-owner business is one that is owned by a single person. It is different from a structure for business that has several owners, such as an LLC or partnership, which is a similar kind of business but structured and taxed in a different way.
Individual companies typically don’t need to be registered with the federal government, but they may need an DBA (doing business as) as well as any required permits or licenses. They’re not subject to the same tax rules as corporations, and are subject to no liability, which means a lawsuit against an individual business could cost them everything.
This article focuses on an under-explored type of business model namely the business model that is individual. Based on a thorough longitudinal inductive case study on chef and gastronomic pioneer Ferran Adria, this article identifies triggers, mechanisms, and modifications in his own evolving business model.