MLP or PTP? Fun with Semantics…

The acronyms ‘MLP’ and ‘PTP’ are frequently used interchangeably, but there is a subtle difference.  A Master Limited Partnership (MLP) is technically just a business structure legally recognized in the tax code (it is not necessarily a publicly traded entity).  A Publicly Traded Partnership (PTP) is any partnership that is publicly traded like a stock (not necessarily an MLP).