An individual business is a business that is managed by a single individual. It is different from a structure for business that has multiple owners, such as a LLC or partnership, which is a comparable type of business, but it is structured and taxed in a different way.
Individual businesses generally don’t have to register with the federal government, though they may standards for professional services and associations require a DBA (doing business as) and any licenses or permits. They’re not subject to the same tax regulations as corporations and have unlimited liability, which means that any lawsuit brought against an individual company could cost them everything.
This article explores a type of business model that is under-explored – the business model that is individual. Based on a detailed longitudinal inductive case study on chef and gastronomic pioneer Ferran Adria, the article identifies the triggers, mechanisms, and changes in his evolving individual business model.
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