Here's a good article on record production from Tunecorner, the blog of our digital distributor. You get a nice outline of a producer's responsibilities and rights, and how to intelligently prepare for a project.
Most important point to take away from this: don't embark on any recording until you've already sorted out the business side, whatever you decide that ought to be. It's possible to get so excited about a project that you jump into it without a contract or even a clear agreement, and end up getting burned by unscrupulous people. It's even worse when they call themselves friends. Don't let a fun thing turn into a bitter disappointment; it's bad for your biology.