(1) The applicant shall complete and submit an application for registration of an assumed business name along with all applicable fees to the secretary of state. If the secretary of state finds that the application complies with the provisions of this part, the secretary of state shall:
(a) endorse on the application the word "filed" and the date on which the application was filed;
(b) file the application in the secretary of state's office; and
(c) issue a certificate of registration to the applicant.
(2) The registration of an assumed business name remains in effect for 5 years unless canceled earlier.