Sec. 11. An individual licensee may not engage in the practice of accountancy in a firm holding a permit under this article using a professional or firm name or designation that is misleading about:
(1) the legal form of the firm;
(2) the individuals who are partners, members, officers, or shareholders of the firm; or
(3) any other matter.
However, the names of former partners or shareholders may be included in the name of a firm or a firm's successor.