Module 5

Question 1

Assumed Business Name or ABN.

Answer 1

An assumed business name is the fictitious business name the business uses to conduct business and present itself to the public. Assumed Business Name is sometimes called an ABN or DBA (Doing Business As).

An assumed business name registration allows a company to not use its full legal name.

Question 2

Sole Proprietorship

Answer 2

A sole proprietorship is one individual who conducts the business and, as the business owner, is personally liable for all obligations of the business.

Question 3

As a ______ ________, the business owner is personally liable for all business obligations.

Answer 3

sole proprietor

Question 4

General Partnership

Answer 4

formed by two or more partners who are doing business together, each partner is personally liable for the obligations of the partnership.

Question 5

Corporation

Answer 5

owned by shareholders. The shareholders elect a Board of Directors to establish its bylaws, policies, and goals.

Question 6

The life of a corporation is perpetual, meaning it will continue until dissolved or terminated by ____ _________ __ ________ _____.

Answer 6

some voluntary or involuntary event.

Question 7

Corporations are regulated by the _____

Answer 7

Oregon Business Corporation Act (ORS 70).