Profit-sharing Basis

Hello everyone,

Senario:

I am entering into a two person partnership and would be forming a W.L.L Company. The business is all about the production and sale of perfumes.

We are only able to get the business license because of me. As i am the national of that country where the business will be based, and local law requires a national to be a partner in business, in order to get license.

However, my partner will be financing the whole 100% of investment, thus taking the whole risk and he has many years of experience about this business.

Whereas, I will only be involved in the day-to-day running of the Business, and he will also be involved in the management but at a lower extent.

Question:

Now How should we distribute the profits?

Keeping in mind that he is investing the whole amount and has experience but I will be managing the business at a greater extent and we are only getting the business license because of me being involved in the business, as the national of that country otherwise it would have been impossible for him to get license and invest and then earn profits .??

so, 70 to him or 30 to me? or 80/20 ? or ?

On what basis should we decide a reasonable and fair percentage ??