If your business is registered as an LLC with more than one owner, then it's treated like the partnership it is. A partnership files it's own physically separate tax return on IRS Form 1065. The partnership then issues all partners a K-1 which each partner needs in order to complete their personal 1040 tax return. The K-1 is how each partner reports their individual gains or losses in the multi-member LLC/Partnership.
If you have an S-Corp, or if you filed IRS form 2553 to have the IRS (and state if applicable) treat your business "like an S-Corp", then your business is required to "act" like an S-Corp. Understand that filing the 2553 is for *TAX* *PURPOSES* *ONLY* and holds no weight in any way, shape, form or fashion for any other legal matters outside of "tax purposes only". So if you filed the 2553 to make this election, what for tax purposes is "in fact" an S-corp, the business files it's own tax return on IRS Form 1120-S. The S_Corp then issues each owner of the business (and in this case, there can be only one owner) their own K-1 which each owner needs in order to complete their personal 1040 tax return. Under no circumstances and with no exceptions is an S-Corp ever reported on SCH C of any tax return. There are no exceptions.
Therefore, if your business has more than one owner, or if your business is an S-Corp or has elected to treated "like an S-Corp" for tax purposes, then you will not be filing a SCH C. Period.
