DrMatt Fornfeld,a Physician Practicing as a Sole Proprietor,falls Behind on His

Essay

Dr.Matt Fornfeld,a physician practicing as a sole proprietor,falls behind on his payments to First Bank,a creditor to whom he owes $275,000.First Bank agrees to take reduced payments from Matt,but wants more money if Matt's practice becomes more profitable.Matt agrees to pay First Bank at least $4,000 per month up to a maximum of 15 percent of his profits.Does this agreement make First Bank a partner with Matt?