A single-owner business is one that is owned by one person. It differs from a business structure that has multiple owners, such as a LLC or partnership, which is a comparable type of https://kauai-realtor.com/ business, but structured and taxed in a different way.
Individual businesses aren’t required to register with federal authorities, however they may require a DBA or other permits and licenses. They’re not subject to the same tax laws as corporations and are not subject to unlimited potential for liability, which means that a lawsuit brought against a private business could end up costing them everything.
This article examines an under-explored type of business model – the individual business model. Based on an in-depth longitudinal inductive case study on chef and gastronomic innovator Ferran Adria, it identifies the triggers, mechanisms, and changes in his own evolving business model.