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An individual business is a business that is owned by one person. It’s different from a multiple-owner business structure, like an LLC or partnership which is an entity, but more structured and taxed differently.
Individual businesses are not 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 laws as corporations and are not subject to unlimited liability, meaning that a lawsuit brought against a private business could end up costing them everything.
This article looks at a particular type of business model that is not widely explored – the business model that is individual. Based on an inductive study of the longitudinal nature of chef and pioneer of the gastronomic world Ferran Adria’s evolving individual business model, this article pinpoints triggers and mechanisms.