What are the differences, advantages or disadvantages in buying stock in a partnership as opposed to stock in a company? e.g. OKS (Partnership) and OKE (company).

As a partner, the payments received under the partnership are taxed differently than those as a shareholder.

Owners of stock receive dividends and profit from the sale of their stock in the form of capital gains. Qualified dividends and the capital gains are normall taxed at preferred rates, often as little as ZERO percent, but no more than 15% under current tax law.

Payments from a partnership are taxed as ordinary income, and, if you are a substantial partner, it can be taxed as compensation and be subject to self-employment taxes as well as normal federal income tax.

Thanks for your reply!

So.. are there ANY advantages to owning the partnership rather than the parent company?
OKS price $ 57.99/share, dividend=.635/sh (partnership)
OKE price $ 43.99/share, dividend=.305/sh (parent company)
I see the dividend is higher as is the price but after being taxed as ordinary income... I don't see an advantage.
Any thoughts on this would be appreciated.

You did not say that the partnership was a LIMITED partnership; that has different tax implications.

Buy the HIGHER dividend and worry about the taxes later.