A single-owner business is one that is owned by one person. It’s different from a business structure that has multiple owners, like a partnership or LLC which is a similar type of business but structured and taxed in a different way.
Individual companies aren’t required to https://kauai-realtor.com/how-to-make-a-board-work register with federal authorities, however they may require a DBA or other licenses and permits. They aren’t subject to the corporate tax regulations and are subject to unlimited liability. A lawsuit brought against a company’s individual could cost them everything.
This article explores a largely unexplored type of business model: the business model that is individual. Based on a detailed longitudinal inductive study of chef and gastronomic innovator Ferran Adria, it identifies the triggers, mechanisms, and changes in his own evolving business model.