is a general partner considered a sponsor
â¢ The sponsors form the general partner (âGPâ), usually a wholly owned limited partnership. or limited liability company. â¢ The sponsors or one of their affiliates (acting as the organizational limited partner) and the. GP form a limited partnership that will become the MLP. â¢ All assets must be in a tax pass through or ignored entity (like a partnership or limited. liability company) to realize the benefits of the MLP structure.