An individual business is a business that’s controlled by one individual. It’s distinct from a business structure that has multiple owners, for example a partnership or LLC, which is a similar type of business, but it is structured and taxed in a different way.
Individual businesses generally don’t have to be registered with the federal government. However, they may require a DBA (doing business as) as well as any required permits or licenses. They’re not subject to the same tax regulations as corporations and are exempt from liability, which means a lawsuit against an individual https://kauai-realtor.com/what-are-professional-and-technical-disciplines-in-real-estate/ company could cost them everything.
This article focuses on an under-explored type of business model – the individual business. Based on an inductive study of the longitudinal nature of the chef and pioneer of the gastronomic world Ferran Adria’s evolving individual business model, this article identifies triggers and mechanisms.
