Huge funds and company registration issues

I was contacted by a mutual friend who wants to start a production house in Goa. conditions are as follows our background : i am a Goa'n doing business; he is a Non Goa'n working in a private company issue: 1) it will be a company registered in my name as a sole proprietary and he clearly said he wont be doing a partnership. 2) a third party investor will be putting in a huge amount of cash in this business (50lakh+) 3) loss and profit will be shared as 30% each and 40% to the investor. my questions are 1) will i face any financial, legal, tax related issues. 2) what if i come to know that the third party cash is a black money floated into our business. 3) What if the business face loss and the whole burden is put on me by the partner who is not a legal partner. 4) in such situation will my existing business, my existing property be sealed by the bank/police/govt or any individual. what is the best way to deal with this? a) don't do it b) do it c) do it with certain terms and conditions. i would really appreciate an elaborated answer point wise clearing each point. Thanking you in anticipation warm regards