# If you'd like to omit non-matching lines from the result; add ';d' to the end of the expression.
sed -E 's/(?:^|&) *(.*?(?:TR|LLC|INC)).*?(?=&|$)/- $1\n/gm;t' <<< "PENNER,JANET E TR-50% & PENNER,MICHAEL G TR - 50% & SOURCE LLC & LARRY & FREDDY INC"
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for SED, please visit: https://www.gnu.org/software/sed/manual/html_node/The-_0022s_0022-Command.html