An individual business is a business that is managed by a single individual. It’s different from a multi-owner business structure, like LLC or partnership that is a form of business, but more structured and taxed differently.
Individual businesses aren’t required to register with federal authorities, but they might require a DBA or other licenses and permits. They’re not subject to the same tax rules as corporations and are not subject to unlimited liability, which means any lawsuit brought against an individual business could end up costing them everything.
This article explores an under-explored kind of business model – the individual business model. Based on a thorough longitudinal inductive case study of chef and gastronomic innovator Ferran Adria, this article identifies triggers, mechanisms and changes in his ever-changing personal business model.