A single-owner business is one that is owned by one person. It’s different from a multiple-owner business structure, such as LLC or partnership which is a form of business, but more streamlined and taxed in a different manner.

Individual companies typically don’t need to register with the federal government, although they may need an DBA (doing business under the name of) and any required licenses or hop over to here permits. They’re not subject to the same tax regulations as corporations and have unlimited potential for liability, which means that a lawsuit brought against a private business could cost them everything.

This article focuses on an under-explored type of business model namely the individual business model. Based on a thorough longitudinal inductive study of chef and gastronomic innovator Ferran Adria, the article identifies triggers, mechanisms, and modifications in his evolving individual business model.