Master Limited Partnership Law and Legal Definition
A master limited partnership is a limited partnership that is publicly traded. It often involves a business vehicle that combines individual limited partnerships into one large entity, often in the context of real estate or oil and gas ventures, to make the ownership interests more marketable.
Most master limited partnerships (MLPs) deal with oil & gas related businesses, including energy processing and distribution. They may also involve a variety of businesses including coal, timber, other minerals, real estate, and some miscellaneous businesses. Most trade on the New York Stock Exchange. MLPs are pass-through entities or businesses that are taxed at the unitholder level on their individual tax returns and generally are not subject to federal or state income tax at the partnership level.
Legal Definition list
Related Legal Terms
- Aggregate Theory of Partnership
- Airport Master Planning [Aeronautics and Space]
- Articles of Partnership
- Arts Education Partnership
- Center for Faith Based and Neighborhood Partnerships [HUD]
- Center for Faith-Based and Neighborhood Partnerships [HUD]
- Civil Partnership
- Community Partnership
- Company Limited by Guarantee
- Court of Limited Jurisdiction
