A business that is an individual one is a business that’s controlled by one individual. It differs from a business with multiple owners, like a partnership or LLC which is a similar kind of business but structured and taxed in a different manner.
Individual businesses typically don’t have to register with the federal government, although they may need an https://kauai-realtor.com/what-are-professional-and-technical-disciplines-in-real-estate/ DBA (doing business as) and any necessary licenses or 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 end up costing the company everything.
This article explores a largely unexplored kind of business model – the individual business. Based on a comprehensive longitudinal study of the inductive case study of chef and gastronomic innovator Ferran Adria, this article identifies triggers, mechanisms and changes in his ever-changing personal business model.
