The absence of buyers for an investment or asset. The absence of buyers can be due to restrictions on the transfer of the investment or asset, a lack of or limited interest in the investment or asset, and/or a difference of opinion between the buyer and seller as to the value of the investment or asset. Nearly all partnerships were sold as illiquid investments, with the intention that the partnership units would not be sold and the investor would retain ownership of the units until the partnership liquidated. Most partnerships have restrictions on the number of units which can be transferred in a calendar year, generally not more than 4.9% of the units outstanding. This restriction is imposed because if more than 5% of the units are transferred in a calendar year, the Internal Revenue Service might consider the partnership to be a corporation for tax purposes, a negative result for the partners. Partnerships are "flow-through" entities for tax purposes, the partners pay all taxes and the partnership pays no tax. Corporations are taxed on the profits and gains; dividends paid to shareholders are taxed as income to the shareholders.