Chapter 2: Choosing your business structure

Question 1

A partnership formed for one, single project is a:

Answer 1

Joint venture

Question 2

How many small business development centers are located in Oregon?

Answer 2

19

Question 3

The form of partnership requiring each partner to be licensed individually is a:

Answer 3

Limited liability partnership

Question 4

What is a general partnership?

Answer 4

Can be formed through an oral agreement but it’s not recommended. It’s an entity seperate and distinct from its partners. Does not need to register with SOS unless using an ABN.

Question 5

What is a limited partnership?

Answer 5

Consists of one or more general partners and one or more limited partners. Must file with SOS.

Question 6

What is a limited liability partnership?

Answer 6

Consists of 2 or more licensed professionals. Joint liability is limited but individual liability is not. Must register with SOS.

Question 7

In Oregon, a business trust is generally treated as a:

Answer 7

corporation