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A business that is an individual one is a company that is run by a single person. It’s different from a business with multiple owners, such as a partnership or LLC, which is a similar kind of business, but it is structured and taxed in a different manner.
Individual companies typically don’t need to be registered with the federal government, but they may require a DBA (doing business under the name of) and any necessary licenses or permits. They’re not subject to the same tax regulations as corporations and are not subject to unlimited potential for liability, which means that a lawsuit against an individual business could cost the company everything.
This article looks at a particular type of business model that has been under-explored – the business model that is individual. Based on a longitudinal inductive study of chef and gastronomic pioneer Ferran Adria’s ever-changing personal business model, this article examines triggers and mechanisms.