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Dowee Cheatem is an attorney practicing as a sole proprietor. Unfortunately, business is slow and he falls behind on his payments to Slippery Savings &

Dowee Cheatem is an attorney practicing as a sole proprietor. Unfortunately, business is slow and he falls behind on his payments to Slippery Savings & Loan, a creditor to whom he owes $545,000. Slippery agrees to accept reduced payments on Dowee's loan, but wants more money once Dowee's legal practice becomes profitable. Dowee agrees to pay Slippery at least $5,500 per month up to a maximum of 22% of his profits. Does this agreement make Slippery a partner with Dowee?

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