In the investing world, MLP stands for Master Limited Partnership. MLPs are publicly traded on the stock market just like regular C-corporations, but when you place a buy order for an MLP you are buying "units" rather than "shares" of stock. Another major difference is that come tax time, you will receive a K1 form, just like you would for a privately held partnership. This can make tax reporting more complicated, but partners benefit from the tax advantage of passing through earnings and thereby avoiding double taxation.
Because of this structure, many MLPs pay generous distributions that work out to a high yield. And because many MLPs own assets that can be depreciated, often there is a high return of capital component to the distribution for tax purposes.
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