And then suppose I say,

那么假设我说
"I'm tired and old and I want out.

"我累了年纪大了我想退出
I'm going to sell Jim Alexander my partnership,"

把我的合伙人身份卖给吉姆·亚历山大"
and Jim Alexander is generous enough

吉姆·亚历山大也很慷慨
to offer me a large sum of money for that partnership.

愿意为了合伙人身份付给我一大笔钱
Can I just send all of you a memo

我能不能给你们发个通知
about Jim now being a partner?

说吉姆现在是合伙人了呢
No, you've all got to approve it.

不行你们都得同意他当合伙人才行
The illiquidity of the partnership

因此合伙人制度以资金流动性差
as a result is notorious.

而臭名昭著
The corporation is designed for liquidity.

股份公司就是为了资金流动而建立的
You don't even ever have to see the physical stock certificates,

你甚至不需要看到股票的实体证明