...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Pipeline & gas journal >How MLPs Work
【24h】

How MLPs Work

机译：MLP如何工作

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

A master limited partnership is essentially the same as a limited liability corporation, or LLC, traded on a public exchange. It must pay out its excess cash flow to its investing partners on a quarterly basis, and cannot hold funds for reinvestment. This allows MLPs to avoid paying corporate income tax, passing the tax burden on to the partners. However, it also requires that the MLP only get funds from offering new units. New units must be sold at a price that will compensate the existing partners for the decreased percentage of the company they will now own. MLPs are unequal partnerships, composed of a general partner with a small number of units, often 2% of the total, and limited partners who hold the rest. Limited partners are only investors and do not have management powers. The general partner controls the MLP and is paid on a sliding scale for its efforts-the more cash the MLP brings in, the larger the percentage of the income that goes to the general partner. The general partner's opportunity to earn disproportionate returns is known as its incentive distribution rights, and pay schedules and rates are determined ahead of time. The MLP structure is also only available to businesses in certain industries, and because of the business sector restrictions and the requirement for quarterly distribu- tions, the vast majority of MLPs are at least in some part pipeline companies. Pipelines produce the stable, positive cash flow that fuels distributions, creating yield. Many pipeline companies can also expand quickly, which increases the value of units in the partnership, creating growth.
机译：有限责任公司的主要合伙人本质上与在公共交易所买卖的有限责任公司相同。它必须按季度向其投资伙伴支付多余的现金流量，并且不能持有用于再投资的资金。这使MLP可以避免支付企业所得税，而将税收负担转移给了合作伙伴。但是，这也要求MLP仅从提供新单位中获得资金。新单位的价格必须能补偿现有合作伙伴所拥有的减少的股份比例。 MLP是不平等的合伙制，由普通合伙人和少数合伙人组成，普通合伙人的单位数量很少，通常占总数的2％。有限合伙人仅是投资者，没有管理权。普通合伙人控制着MLP，并为其工作付出可浮动的规模-MLP带来的现金越多，流向普通合伙人的收入所占的百分比就越大。普通合伙人获得不成比例的回报的机会被称为其激励分配权，并且付款时间表和费率是提前确定的。 MLP结构也仅适用于某些行业的企业，并且由于商业部门的限制以及对季度分配的要求，绝大多数MLP至少在某些程度上是管道公司。管道产生稳定的正现金流，从而推动了分配，创造了收益。许多管道公司也可以快速扩张，从而增加合作伙伴关系中单位的价值，从而创造增长。

著录项

  • 来源
    《Pipeline & gas journal》 |2015年第1期|42-42|共1页
  • 作者

  • 作者单位
  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);美国《生物学医学文摘》(MEDLINE);美国《化学文摘》(CA);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号