If you have two or more partners who want to be actively involved, a general partnership would be much easier to form. One of the major advantages of a partnership is the tax treatment it enjoys.

The general partner usually receives a minimum ... Master limited partnerships (MLP) combine the tax benefits of a limited partnership with the liquidity of a common stock.

The general partner(s) have full management and control of the partnership business but also ... liabilities that can offset the tax shelter advantages. The IRS tends to look at these facts ...