While you're not paying a salary and payroll taxes, any profit earned on the business will have self-employment tax which is what you would like to have credited to each of you. This tax will be added to your individual social security earnings records, even though you've not filed payroll reports withholding and paying social security taxes throughout the year.
The end tax is the same, but how it is credited by the social security administration will differ based on whether you have one or two Schedule C forms. You mention it's a small income at this point, but hopefully in future years that changes and then the difference will matter a bit more. Re-doing it again into separate forms for this year is a bit of a pain, but it'll save headache in future years.
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