As Mike9241 said, nothing about the S corp goes on your Schedule C. You are an employee of the S corp. As a disregarded entity, the sole proprietorship can't be a shareholder in the S corp. You as an individual would be the shareholder.
If you are proposing switching from a sole proprietorship to an S corp, the sole proprietorship would have no income or expenses, nothing to report on Schedule C. Under the circumstances, your sole proprietorship and the S corp having the same ownership would mean that they would be a controlled group for the purpose of a retirement plan, so with your only compensation coming from the S corp, your retirement contributions would be limited to the amount of your compensation paid to you by the S corp and reported on your W-2 from the S corp.
