An individual business is a form of business that will not possess a legal entity separate from the owner. It is considered as the simplest coming from all business forms, and is also a great choice for many people who are just starting out. Someone business is normally a sole proprietorship, but can also be a partnership or corporation depending on its aspect and desired goals. Understanding how to sort out yourself as a sole manager or an individual is important in terms of taxes and the many other aspects of running your company.