Licensing questions

I happened to run into a business owner who is looking for someone to get into a "licensing agreement" with to expand his business.  I would use his business name and entrepreneurship skills.  Should I be putting up all of the funds to open the business?  How much of the profits are usually given?  Whats should I be aware of so I am not screwed?  Can I ever "buy out" of giving some of my profits? Help!  When do I get to look at the books to establish whether the earning potential is what I need?  When do I need to hire an attorney???? Thanks in advance for any advice!