Business Mission Statement

Once upon a time in a land far, far away, a group of people collaborated and revamped an existing scuba diving shop. The Only Dive Shop was formed back in 1999 by an underwater diving guru, Tom Louis. Tom formed The Only Dive Shop as a sole proprietorship. In 1999 Tom did not know anyone he would wanted to team up and form a partnership in business with; therefore, he went into business entirely owned by himself without incorporating. A few years into his business venture, Tom was given advice from several people, such as fellow business owners as well as customers of his shop. Based on business advice and the turn in economy, Tom terminated The Only Dive Shop. The day following, Tom opened as The Only Dive Shop LLC. By opening as a Limited Liability Corporation (LLC), Tom made his business safe behind the legal system, which protects against creditors seizing the personal wealth of the company to pay for its debts. In 2007 Tom re-evaluated the financial situation of the company and realized he needed partners in order to keep the doors open. Tom partnered with two others, Emelia and Triston. The dive shop is now owned and operated by three individuals. The partnership percentage is not equal in this case. Tom owns 60% of the company and Emelia and Triston own 20% each. The Only Dive Shop LLC is a joint stock company, which allows the owners to raise capital by issuing stock certificates of its ownership. The partners have recently decided to issue stock certificates to investors to raise capital for an expansion. These stock members are entitled to a percentage of the profits; however, are not operating members.