Understanding what and when decisions need to be made can help companies ensure a smooth MLP IPO process.

The number of master limited partnerships (MLPs) has grown significantly over the past five years, increasing from 59 in 2009 to over 100 in 2013. Currently, more than 30 MLPs are in the planning stages with numerous other companies considering the structure. Companies should evaluate several issues and complexities at four key points during the IPO process.

Generally companies face potential issues and complexities in clusters, which correspond to the various time periods in the initial public offering (IPO) process.