(b) Partners and partnerships. A partnership as such shall not be subject to a tax imposed pursuant to the authority of this article. Persons carrying on business as partners shall be liable for such tax only in their separate or individual capacities. As used in this article, the term "partnership" shall include, unless a different meaning is clearly required, a subchapter K limited liability company. The term "subchapter K limited liability company" shall mean a limited liability company classified as a partnership for federal income tax purposes. The term "limited liability company" means a domestic limited liability company or a foreign limited liability company, as defined in section one hundred two of the limited liability company law, a limited liability investment company formed pursuant to section five hundred seven of the banking law, or a limited liability trust company formed pursuant to section one hundred two-a of the banking law.

(c) Associations taxable as corporations. An association, trust or other unincorporated organization which is taxable as a corporation for federal income tax purposes shall not be subject to a tax imposed pursuant to the authority of this article.

(d) Exempt trusts and organizations. A trust or other unincorporated organization which by reason of its purposes is exempt from federal income tax shall be exempt from any tax imposed pursuant to the authority of this article (regardless of whether subject to federal income tax on unrelated business taxable income).