Getting 100+k from my friend. He is a resident of foreign country. We want to open business in US. How should I show this money? Any advice will be greatly appreciated

And should I pay taxes? Thank you!

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You *REALLY* need to seek professional help on this. How things are handled depends on the country the other person is a citizen of, what type of business you are starting, what state you will be registering the business in, and a fair number of other factors. That's just on the tax front. Other legal implications can't even be accurately guessed. So please seek professional help on this. You will find the cost to be a pittance when compared to all the fines, penalties, back taxes and the such that will be assessed if you do things wrong.