Name and structure for an Oregon LLC (step 1 of 6)

Check what you learned

10 questions from this lesson. Answers are checked as you go; nothing is recorded.

1. 1 / 10

   What is the primary reason clinicians form an LLC according to the lesson?

   AIt separates business finances from personal financesBIt eliminates the need for malpractice insuranceCIt allows the practice to operate under any name without registrationDIt provides personal liability protection for clinical mistakes
   Hint

   Look at the section describing what an LLC does for a solo therapist.

2. 2 / 10

   Which Oregon statute requires an LLC offering professional services to state the service in its formation papers?

   AORS 63.047BORS 58.010CORS 63.074DORS 63.001
   Hint

   See the paragraph about what Oregon requires in the Articles of Organization.

3. 3 / 10

   According to the lesson, what does Oregon NOT have as a separate business entity for licensed professionals?

   ALimited liability companyBS corporationCProfessional corporationDProfessional limited liability company
   Hint

   Refer to the comparison of LLC and professional corporation structures.

4. 4 / 10

   If a therapist wants to operate under a name different from the LLC’s registered name, what term does Oregon use for that name?

   ADoing‑business‑as nameBTrade nameCAssumed business nameDFictitious name
   Hint

   Check the section titled “Trading under a different name.”

5. 5 / 10

   Which of the following is NOT allowed in an assumed business name for a therapist’s practice?

   AUsing a street address as the principal place of businessBIncluding the word “Therapy”CUsing the therapist’s personal nameDIncluding “LLC” when the LLC does not own it
   Hint

   Look at the two details about assumed names in the lesson.

6. 6 / 10

   What does ORS 63.074 say about a licensed member’s personal liability in an LLC?

   AIt is eliminated once the LLC is formedBIt is the same as a shareholder of a professional corporationCIt is limited to the amount of the LLC’s assetsDIt only applies to non‑professional services
   Hint

   Read the paragraph discussing what an LLC does not do for personal accountability.

7. 7 / 10

   Before filing the Articles of Organization, what specific line should you review to avoid surprise?

   AThe dissolution clauseBThe professional‑services lineCThe fee scheduleDThe address of the registered agent
   Hint

   See the note about reading item (1)(g) before Step 3.

8. 8 / 10

   Which resource does the lesson recommend for checking if a desired business name is already taken?

   AOregon Secretary of State’s Find a Business toolBCounty clerk’s business name listCOregon Department of Revenue’s Name RegistryDFederal Trademark Database
   Hint

   Look at the “Check the name before you get attached to it” section.

9. 9 / 10

   What is the recommended action if a therapist is unsure whether a rule requires a professional corporation instead of an LLC?

   AAssume the LLC is always permissibleBAsk the licensing board and a business attorneyCWait until after the practice opens to decideDFile both an LLC and a PC and choose later
   Hint

   Read the paragraph about confirming rules with licensing boards and attorneys.

10. 10 / 10

    According to the lesson, why is it important to keep the LLC’s bank account separate from personal accounts?

    ABecause the state mandates separate accounts for tax purposesBTo simplify client billingCTo maintain the legal separation that protects personal assetsDTo qualify for lower banking fees
    Hint

    Refer to the explanation of what an LLC does for a solo therapist.