I have a share in several limited partnerships and have for many years, but no publicly traded ones.
The advantage is high returns.
The drawbacks are:
1. K1's. Its not the K1's per se, although they make your return thick. it is that they never get you your K1's on time. You are lucky to get final ones by October. So you have to file an extension every single year. This is probably not true of public ones
2. State taxes. You are supposed to file state tax returns in every state in which they do business, which is many. I don't, and just take the chance that the various states won't come after me for the small sums that I owe them....or even know that I exist. So far none have. But its a stressor. Once again probably not a requirement for publicly traded limited partnerships.
Sorry if my post is more related to private equity limited partnerships and only tangentially related to public MLPs
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