A business that is an individual one is a company that is managed by a single individual. It is different from a business structure with several owners, such as an LLC or partnership, which is a comparable type of business, but structured and taxed in a different manner.
Individual companies aren’t required to register with federal authorities, however they might require an DBA or other permits and https://kauai-realtor.com/how-to-find-a-course-that-offers-the-right-degree-program licenses. They’re not subject to the same tax rules as corporations, and are subject to no liability, meaning that a lawsuit filed against an individual business could end up costing them everything.
This article explores a largely unexplored kind of business model – the individual business. Based on an in-depth longitudinal inductive study of chef and gastronomic pioneer Ferran Adria, this article identifies triggers, mechanisms and changes in his evolving individual business model.