Name of corporation or foreign corporation.

(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.

(e) For a corporation that elects to be a benefit corporation under the Alabama Business Corporation Law, the name of that benefit corporation must contain the words "benefit corporation," the abbreviation "B.C.," or the designation "BC" and may not use the word "incorporated" or an abbreviation thereof.

(Act 2009-513, p. 967, §35; Act 2013-338, p. 1196, §1; Act 2018-125, §1; Act 2020-73, §5.)