(1) The corporate name shall contain the names of one (1) or more of the shareholders. However, the name of a person who is not employed by the corporation shall not be included in the corporate name, except that the name of a deceased shareholder may continue to be included in the corporate name for one (1) year following the decease of the shareholder.
(2) A corporation organized under this subchapter need not include in its name the reference to corporation, incorporation, company, or the abbreviations “Co.” or “Inc.” as is now required of business corporations.