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Question
Dr. Matt Fornfeld, a physician practicing as a sole proprietor, falls behind in 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?
Answer
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