Go to the publicy traded partnerships website, which i believe is ptpcoalition.com, that should have severa good explanations. Also, look at KMI/KMP. KMI is the GP and KMP is the MLP. An MLP is a master limited partnership and the GP is the General Partner. MLP's do not have to pay corporate taxes, insteda, they must return 90% of their cashflow to the investors, who are then taxed on their personel level(i.e. it removes the double taxation that most c-corps face). The GP gets paid a fee, called incentive distribution rights, that excelerate(get largre and larger) as the MLP holders get more and more. In other words, if the common holders do well, the GP does well, and the more cash they pay out to the common guys, the more cash they collect. The GP runs the MLP and almost always they focus on growing the payouts to the holders.
Once you are on the ptp.org website, go to the Wachovia securities primer which is under the information on PTP's. I think if you do enough due dilligence, you will see why they are forming an MLP. It will be substantially rewarding in terms of unlocking alot of hidden value.