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It's whatever the agreement is between you and the investor. Is this someone who is used to investing and if so what types of investments has he done in the past. Typically they will want to see a business plan that is geared towards an investor. He is gonna want to see that:
1) you have a history of being successful
2) why is this a good investment for him (remember, investment is primarily about risk and return)
3) how much control does he have (the more control he has the less risk in his eyes)
I suggest reading Robert Kiyosaki. Guide to Investing and Other People's Money are both good books.
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