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Yes, that's actually part of what makes it an MLP (it's definitional): Master limited partnership (MLP) is aLIMITED PARTNERSHIP that is publicly traded on a SECURITIES EXCHANGE
MLPs are limited by US Code to only apply to enterprises that engage in certain businesses, mostly pertaining to the use of natural resources, such as petroleum and natural gas extraction and transportation. To qualify for MLP status, a partnership must generate at least 90 percent of its income from what the Internal Revenue Service (IRS) deems "qualifying" sources. For many MLPs, these include all manner of activities related to the production, processing or transportation of oil, natural gas and coal ... SEE: Master Limited Partnerships and Taxation InvestingDaily.com, April 1, 2010.
The trade association for MLP's is called ...
You can certainly set up a Limited Partnership under (Reg D, rule 504) that's exempt from registration, if you follow certain guidelines (no more than 35 investors, etc)
See this: http://www.sec.gov/answers/rule504.htm
Hope this helps
I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)
Please let me know if you have any questions as all ...