Received one 1099-MISC with my name and co-owner's name. Can one of us file the 1099-MISC and deductions entirely, or split and file separately?

[DexterS]

If a business has multiple owners it should be filing a Partnership Tax Return (Form 1065).  Form 1065 will generate a form K-1 for each partner.  The K-1 get's entered on the respective partner's individual tax return (Form 1040).