A great Android app for OSM contribution is Maverick.

It can cache tiles (from Google Maps, Bing, OSM Mapnik, and OSM Osmarender) for offline use on your SD card. I've used it for hiking with pretty good success. It also has other neat little features, like displaying the number of satellites your phone is able to lock onto (see the bottom right of the main window).

Unfortunately, it's not open-source... it has two versions available, a Lite version (available in the market) and a paid version. The Lite version is limited to recording one track and five waypoints; the paid version has these limitations removed.

If a business has a publicly-viewable sign, then it's an item that should be mapped—the owners obviously want people to find it, otherwise they'd not place the sign in the first place.

Whether the owner's name is part of the businesses' name is irrelevant