Individual Business – An Under-Exposed Type of Business Model

A single-owner business is one that is conduct individual businesses owned by a single person. It’s distinct from a business structure that has several owners, such as a partnership or LLC, which is a comparable type of business, but structured and taxed in a different way.

Individual businesses typically don’t have to register with the federal government, although 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 an individual company could cost them everything.

This article examines an under-explored kind of business model – the business model that is individual. Based on a longitudinal, inductive study of chef and gastronomic pioneer Ferran Adria’s evolving individual business model, this article identifies triggers and mechanisms.