Yes. Each spouse must report their share of net profit so the social security account is increased for each of you. One Schedule C for yourself and One Schedule C for your spouse.
Here is the link and an excerpt of the key portion.
All items of income, gain, loss, deduction and credit are divided between the spouses following in accordance with their respective interests in the venture. Each spouse considers his or her respective share of these items as a sole proprietor. Thus, it is anticipated that each spouse would account for his or her respective share on the appropriate form, such as Schedule C. For purposes of figuring out net earnings from self-employment, each spouse’s share of income or loss from a qualified joint venture is taken into account just as it is for Federal income tax purposes under the provision (for example, in accordance with their respective interests in the venture).
@Beachcomber
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