1. After all noncash assets have been converted and all liabilities paid, A, B, and C have capital balances of $15,000 (credit), $10,000 (debit) and $30,000 (credit). The cash available for distribution to the partners is $10,000. (T/F)

2. Each partnership must have a written partnership agreement. (T/F)

3. For tax purposes, a Limited Liability Corporation may elect to be treated as a partnership.(T/F)