Individual Business – An Under-Exposed Type of Business Model
A single-owner business is one that is owned by one person. It’s distinct from a multiple-owner business structure, like an LLC or partnership which is also an entity, but more structured and taxed differently.
When it comes to starting a business, particularly in industries like online gaming or casinos, understanding the legal framework is crucial for ensuring Lucky Wins in the long run. While individual businesses are not required to register with federal authorities, they may still need a DBA (Doing Business As) or other permits and licenses depending on the nature of the business. Unlike corporations, these businesses are not subject to the same tax rules and have limited liability, which can provide some protection in case of a lawsuit. However, this limited liability does not guarantee complete safety, as legal challenges could still have a significant financial impact on the business, potentially affecting even the Lucky Wins expected from a successful venture.
This article explores a type of business model that is not widely explored – the business model that is individual. Based on a longitudinal, inductive study of chef and pioneer of gastronomy Ferran Adria’s ever-changing personal business model, this article examines triggers and mechanisms.
