Law360, New York ( March 10, 2016, 10:05 AM EST) -- A master limited partnership, or an "MLP," is a publicly traded limited partnership. The limited partner interests in the partnership, which are called common units, are traded on a public stock exchange (e.g., New York Stock Exchange, Nasdaq) similar to the common stock of a corporation, and the MLP is subject to the same U.S. Securities and Exchange Commission reporting requirements and regulations as a publicly traded company. However, unlike a corporation, MLPs do not pay corporate-level income taxes. Instead, taxes are paid by the unit holders on their portion of the MLP's income, making MLPs what are commonly known as "pass-through entities."...