A single-owner business is one that is owned by a single person. It’s distinct from a multi-owner business structure, like a partnership or LLC which is also an entity, but more structured and taxed in a different way.
Individual companies aren’t required to register with the federal authorities, but they might require an DBA or other permits and licenses. They aren’t subject to the corporate tax rules and face unlimited liability. A lawsuit brought against a company’s individual could result in a loss of everything.
This article explores a largely unexplored type of business model: the individual business model. Based on a longitudinal inductive study of chef and pioneer of the gastronomic world Ferran Adria’s evolving individual business model, this article examines triggers and mechanisms.
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