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The Law on Economic Modernization of August 4, 2008, introduced a new form of individual entrepreneur, the “auto-entrepreneur,” the goal being to enhance the competitiveness of the French economy by promoting entrepreneurial spirit. This paper proposes to discuss the “auto-entrepreneur” model with reference to the fundamentals of the theory of the firm and the legal variants of the “auto-entrepreneur.” The argument will be structured around the criterion of independence, and its various interpretations, which will be used to put the auto-entrepreneur model to the test. Three forms of autonomy are given precedence: productive, concerning the availability of sufficient financing and material to provide professional services; managerial, which measures the ability to assume the risks inherent to business, regarding both interested and third parties; and financial, or the chances of earning enough money to subsist upon. The result, highlighted in the conclusion to this paper, is that the “auto-entrepreneur” regime is contrary to every referenced approach to the firm. This business model appears best adapted as a means of supplementing income from another, unrelated activity or in retirement.