An individual business is a type of business run by a single person. It is different from a structure for business that has several owners, such as a LLC or partnership, which is a comparable type of business, however it’s structured and taxed in a different manner.
Individual companies aren’t required to register with the federal authorities, however they might require the use of a DBA or other licenses and permits. They’re not subject to the same tax laws as corporations, and are subject to no potential for liability, which means that a lawsuit brought against a private business could cost them everything.
This article focuses on a kind of business model that is not widely explored – the business model that is individual. Based on a longitudinal inductive study of the chef click this and gourmet pioneer Ferran Adria’s evolving individual business model, this article identifies triggers and mechanisms.
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