Oh, God... XD Been awhile. Umm... the President of Silphco gives it to you.... I think?
Chat with our AI personalities
In Silph Tower
Mewtwo I guess????
Yes, if you have a Pokemon hold a Master Ball and then trade the Pokemon, you will have transfered the Master Ball.
There is no Light Ball item in Pokemon Yellow.
no it won't be holding a master ball cos when you used the master ball to catch a certain Pokemon, the master ball will be gone in your inventory because it is a consumable.