An individual business is a business that’s managed by a single individual. It’s different from a multiple-owner business structure, such as an LLC or partnership which is also a type of business but more structured and taxed differently.

Individual businesses aren’t required to register with federal authorities, but they might require an DBA or other licenses and permits. They are not subject to the corporate tax regulations and are subject to unlimited liability. A lawsuit filed against a private company could result in a loss of everything.

This article focuses on an under-explored type of business model – the business model that is individual. Based on an in-depth longitudinal inductive case study https://kauai-realtor.com/what-are-professional-and-technical-disciplines-in-real-estate on chef and gastronomic innovator Ferran Adria, it identifies the triggers, mechanisms and shifts in his ever-changing personal business model.