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Simple English definitions for legal terms
PTP
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A quick definition of PTP:
A partnership is when two or more people own and run a business together to make money. There are different types of partnerships, like a general partnership where everyone shares the work and profits equally, or a limited partnership where some people only invest money and don't help run the business. A publicly traded partnership is when people can buy and sell shares of the partnership on a stock exchange.A more thorough explanation:
Definition: PTP stands for publicly traded partnership, which is a type of partnership that has its interests traded publicly on a securities exchange or over-the-counter. For income-tax purposes, these partnerships are treated as corporations.
Example: An example of a publicly traded partnership is Energy Transfer LP, which is traded on the New York Stock Exchange under the ticker symbol ET. This partnership operates in the energy industry and has its interests traded publicly.
Explanation: The example illustrates the definition of a publicly traded partnership by showing a real-life example of a partnership whose interests are traded publicly. Energy Transfer LP is a publicly traded partnership that operates in the energy industry and has its interests traded on the New York Stock Exchange. As a publicly traded partnership, it is treated as a corporation for income-tax purposes.