I guess this is a real newbie question on the biz aspects of getting music out into the market. I hope that someone out there is knowledgable and kind enough to give me a few pointers.

So, I have finished this CD that I did with a friend of mine. He wrote more or less all the tunes and lyrics, whereas I did pretty much all the engineering, the arrangements, played most instruments and got it mastered (... yes, by a Pro and it turned out great :D ). My friend suggested (or should I say asked me what I thought) that he would own the music/lyric rights whereas he would give me all production/re-production rights (whatever that means).

Frankly, I have very little idea what each of those two pieces consist of, what they would amount to and whether this would actually be a fair division. I think, however, that it is important that we put something in writing at this point before the album actually gets out. Our friendship means a lot to both of us so we don't want to be fighting over this kind of crap.

Does any of you have a little bit more knowledge (or some good links to educate myself) on this topic?

Your help is much appreciated.

MisterBlue.