you are reporting business income/expenses on SCH C, then understand there can only be one owner of a such a business type, typically referred to as a single-member LLC or sole proprietorship.
If there are two owners of the business then you have a partnership or multi-member LLC. A partnership or multi-member LLC files it's own physically separate tax return, which is a 1065-Partnership return.
If you live in a community property state and;
- the business only has two owners and;
- both owners are married to each other and;
- are filing a joint tax return, then:
it's perfectly acceptable for the owners to split all income/expenses down the middle and each report their share of income/expenses on their own separate SCH C as a part of their 1040 joint tax return. So you'd be filing a personal 1040 tax return with two SCH C's included - one for each of you.
In this case, you just split the amounts reported on the 1099-NEC or 1099-MISC between the two SCH C's.
