Individual Business – An Under-Exposed Type of Business Model

A business that is an individual one is a business that is run by a single person. It’s different from a business structure with multiple owners, for example a partnership or LLC, which is a similar kind of business, but structured and taxed in a different way.

Individual companies aren’t required to register with federal authorities, but they may require an DBA or other licenses and permits. 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 filed against an individual company could cost the company everything.

This article focuses on an under-explored kind of business model – the business model that is individual. Based on an in-depth longitudinal inductive study of chef and gastronomic innovator Ferran Adria, it pinpoints triggers, mechanisms and changes in his own evolving business model.

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