Assuming the company is a multi-member LLC, partnership, or S-corporation, the company issues a K-1 statement to each co-owner listing their share of income, expenses and other items. You report the K-1 on your personal tax return along with any other wages, personal deductions (like gifts to charity), dependents, or personal credits.
Whether or not you should also get a 1099-NEC for your participation in the company activities depends on how the business does their accounting and the terms of the partnership. For example, if you only have a 10% ownership stake but you have more than 10% participating effort, there would have to be some way of rewarding that effort, either by making you a W-2 employee, or by issuing a 1099-NEC. (If it is an S-corp, I believe you must be a w-2 employee if you perform work for the business.) This way, a passive owner receives a share of the profits but an owner who materially participates gets either a larger share of the profits, or gets wages plus profit participation.
All of which is to say, it is possible that you would get both a K-1 and some kind of compensation for work performed, but that compensation might have to be as a W-2 employee rather than a contractor, and the whole situation needs to be reviewed by a CPA to make sure both you and the business are doing things properly.
