Sole proprietorships (are/ are not) separate taxable entities. Partnerships (are/ are not) subject to the income tax. The tax treatment of limited liability companies usually follows the same tax rules that are applicable to (C corporations/ partnerships) . The C corporation (is/ is not) recognized as a separate taxpaying entity. A C corporation may elect to be taxed as (S corporation/ a partnership) . Because they follow the conduit concept as to the treatment of their tax attributes, (only C corporations and LLCs/ only partnerships and LLCs/ partnerships, LLCs, and S corporations) are often referred to as pass-through entities.