Transcription of Tulsa MLP Conference
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Tulsa MLP Conference
Tulsa MLP Conference November 2015 Page 1 What is an MLP? MLP = master limited partnership For this presentation, MLPs may also be referred to as publicly traded partnerships ( PTPs ) Limited partnership (or limited liability company) that has interests that are traded on a public exchange ( , NYSE, NASDAQ, etc.) or an over -the -counter ( OTC ) market Most PTPs are taxed as corporations under 7704 Special exception for partnerships that meet the qualifying income exception If 90% of a PTP s gross income is qualifying income, then the PTP will not pay any corporate level tax Page 2 Step 1: Sponsors form a new master limited partnership (MLP) / PTP Step 2: Sponsors transfer entire interest in OpCo to MLP in exchange for a general partner interest ( GP Interest ), subordinated limited partner interests ( Subordinated Units ), limited partner units ( Common Units ), and Incentive Distribution Rights ( IDRs ) in MLP Step 3.
MLPs Representative Transaction Steps Public . PTP/MLP . Sponsors . 100% interest in OpCo . GP Interest + Subordinated + Common Units + IDRs Cash Common Units 1 2 . 3 . OpCo . Page 3 What is an MLP? Typical classes of interests ... Barriers for tax-exempt and foreign entities ...
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