Individual Business - An Under-Exposed Type of Business Model
A business that is an individual one is a business that's owned by one person. It's distinct from a multiple-owner business structure, such as LLC or partnership, which is also a type of business but more structured and taxed differently.
Individual businesses typically don't have Resources to be registered with the federal government, but they might require a DBA (doing business under the name of) and any required permits or licenses. They aren't governed by the corporate tax regulations and are subject to unlimited liability. A lawsuit against a single company could cost them everything.
This article explores an under-explored type of business model - the business model that is individual. Based on a detailed longitudinal study of the inductive case study of chef and gastronomic innovator Ferran Adria, it pinpoints the triggers, mechanisms, and changes in his evolving individual business model.
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