You've been given excellent advice...step back and give yourself a bit of time to digest and allow the anger and disgust to fade away. You've been here quite a while and yes, you've been dealing w/someone who has a lot of issues to resolve and he's not getting better, but worse, i.e., the drug use, etc.
Get out the yellow pages and start looking for a lawyer who deals w/business/corporate arrangements. He/she will be able to provide you w/advice that will assist you in getting untangled from the business. I know that you aren't doing this as a knee jerk reaction because you've been thinking about this for quite a while...so...write down your questions and make an appointment w/a lawyer. Do not share this info w/your spouse or anyone at work for the time being.
I'm very sorry that all of this has come to light at a party...but info does tend to fall into our laps when we least expect it. I do hope that you were able to enjoy some of the party after all of this.
Bottom line, protect yourself and your finances. There's nothing you can do to help him.
Sit quietly, the answers will reveal themselves when you least expect them to. The past is gone, the present is a gift and you need to focus on today, allow the future to reveal itself when it is ready.