(a) The name of a corporation or foreign corporation must contain:
(1) the word “corporation” or “incorporated”; or
(2) an abbreviation of one of those words.
(b) Subsection (a) does not apply to a nonprofit corporation or foreign nonprofit corporation, or to banks, trust companies, savings and loan associations, or insurance companies.
(c) In lieu of a word or abbreviation required by subsection (a), the name of a professional corporation must comply with the requirements of Section 10A-1-5.08.
(d) The requirements of subsection (a) do not apply to any corporation organized before January 1, 1981.