Individual Business – An Under-Exposed Type of Business Model
A single-owner business is one that is owned by a single person. It’s distinct https://kauai-realtor.com/generated-post-2 from a business structure that has multiple owners, like a partnership or LLC, that is a type of business, however it’s structured and taxed in a different manner.
Individual businesses aren’t required to be registered with the federal government, although they may need a DBA (doing business as) and any licenses or permits. They aren’t subject to the corporate tax rules and face unlimited liability. A lawsuit against an individual company could cost them everything.
This article focuses on an under-explored kind of business model – the individual business model. Based on a detailed longitudinal study of the inductive case study of chef and gastronomic innovator Ferran Adria, it identifies the triggers, mechanisms and shifts in his ever-changing personal business model.
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