Venmo Business Account with Two Partners - Filing Taxes

Hi there, 

I am starting a small side business (service) where a partner and I will accept payments through a Venmo business account. Venmo will send a form 1099-k for tax purposes. The plan is to pay both partners 100% of any profits, essentially leaving $0 behind for the "business". Few questions:

1) On Venmo there is an option to use a personal SSN or a business EIN. Because there are multiple individuals involved, should a business be created to obtain an EIN?

2) Does each partner just add the split profit to line 1h of their form 1040? Does that suffice for tax purposes?

Thanks.