Which of the following statements is CORRECT? 1. Corporations are subject to corporate income tax while partnerships are subject to partnership income tax. II. Proprietorships are subject to more regulations than corporations. III. One of the advantage of the partnership is that it avoids double taxation. O a. Only I and II are correct O b. Only Ill is correct Oc. Only II and III are correct O d. Only II is correct O e. Only I and III are correct