South Florida Arbitration & Litigation Lawyer Blog
Master Limited Partnership v. Public Limited Partnership – Florida Limited Partnership – Federal and State Litigation Attorney: Fraud in the Inducement, breach of the partnership agreement, mismanagement of the partnership, self-dealing and fraud in the operation of the partnership.
A limited partnership is a form of legal entity created under the law of a particular state. In Florida, the statute dealing with limited partnerships is Florida Statute Sections 620.1101 through 620.2205. To review a complete copy of this state, please follow the highlighted link:
Within the universe of limited partnerships there are two disused in this post – Master Limited Partnership v. Public Limited Partnerships. A Master Limited Partnership (MLP) is a public limited partnership composed of corporate assets spun off (roll out) or private limited partnerships (roll up) with income, capital gains and/or tax shelter benefits. The interest evidencing ownership in a MLP are represented by depositary receipts traded in the secondary market. Thus, this type of investment enjoys some type of liquidity.
A Public Limited Partnership is a form of limited partnership that is registered with the Securities and Exchange Commission and offered to the public through registered broker/dealers. This type of partnership includes business models based upon assets such as real estate, oil and gas, and equipment leasing. Consequently, these partnerships may be oriented to producing income or capital gains, or, within passive income rules, to generate tax advantages for limited partners. The number of investors in such a partnership is limited only by the sponsor’s desire to cap the funds raised. A public limited partnership, which does not have an active secondary market, is distinguished from a private limited partnership, which is subject to its own rules.
Please keep in mind that the above information is being provided for educational purposes only. It is not designed to be compete in all material respects. Thus, it should not be relied upon as legal or investment advice. If the reader has any questions concerning the contents of this post, you should contact a qualified professional.
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