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I think there are 2 sentences possible here, with slightly different shades of meaning.
Consider these two:
1. My friend and I want to start a business but we do not want a single dishonestly-earned penny. and 2. My friend and I want to start a business but we do not want to earn a single penny dishonestly.
#2 I think is quite straightforward. My friend and I do not want to engage in any dishonest practices. We do not want to earn money by being actively dishonest. BUT, we would certainly do business with people who themselves may be dishonest. If I were selling fruit, I would sell to anyone- but at a fair price, with no deception about my product.
#1, on the other hand, can be interpreted more deeply. Not only do I wish to avoid dishonest practices....I also do not wish to do business with anyone whose money THEY earned dishonestly. Thus, I would not sell fruit to criminals or cheats. In addition, I would not personally engage in dishonesty.