Investment is rapidly shifting from conventional corporations to pass-through entities such as master limited partnerships, which are exempt from corporate taxes, according to The Economist. "Together, they represent a mere 9% of the number of listed companies in America, but in 2012 they took in 28% of the equity raised on public markets and paid one-third of Wall Street fees," the magazine notes. "Add in private entities of the same type and these sorts of 'corporate form' account for over two-thirds of new firms."

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