Master limited partnership
In the United States, a master limited partnership (MLP) or publicly traded partnership (PTP) is a publicly traded entity taxed as a partnership. It combines the tax benefits of a partnership with the liquidity of publicly traded securities. To obtain the tax benefits of a pass through, MLPs must generate at least 90% or more of their income from qualifying sources such as from production, processing, storage, and transportation of depletable natural resources and minerals. In addition, real property rents also qualify. The "MLP" and "PTP" terms are commonly used interchangeably, but MLPs are technically a type of limited partnership that conducts its operations through subsidiaries and are not always publicly traded.