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The rules governing partnership taxation, for purposes of the U.S. Federal income tax, are codified according to Subchapter K of Chapter 1 of the U.S. Internal Revenue Code (Title 26 of the United States Code). Partnerships are "flow-through" entities. Flow-through taxation means that the entity does not pay taxes on its income.
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The effect of these rules is that a U.S. limited liability company (LLC) or limited liability partnership (LLP) is treated by default as a partnership (or disregarded entity if it has only one owner), whereas a foreign LLP is treated by default as a corporation (if, as is generally the case, all its members have limited liability).
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. Most PTPs are organized as MLPs, but a PTP may be organized as a limited liability company that elects to be taxed as a partnership. [1]
Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company, or joint venture. If a company that provides limited liability to its investors is sued, then the claimants are generally entitled to collect only against the assets ...
Under this form, debts of a limited liability limited partnership are solely the responsibility of the partnership, thereby removing general-partner liability for partnership obligations. This change was made in response to the common practice of naming a limited-liability entity as a 1% general partner that controlled the limited partnership ...
Kelly Reilly, left, as Beth Dutton on Yellowstone, while Michelle Randolph, center, and Ali Larter are co-stars on Landman. (Paramount Network/Courtesy Everett Collection; Emerson Miller ...