(a) Business corporations.--The proper name of a domestic or registered foreign business corporation must contain:
(1) the word "corporation," "company," "incorporated" or "limited" or an abbreviation of any of the terms;
(2) the word "association," "fund" or "syndicate"; or
(3) words or abbreviations of like import used in a jurisdiction other than this Commonwealth.
(b) Nonprofit corporations.--The proper name of a domestic nonprofit corporation or registered foreign corporation not-for-profit shall not be required to contain one of the words or abbreviations described under subsection (a).