A Plan has less than $100,000 in assets. It is an S-corportation.
There are two owners (brothers) and several very PT employees.
The only participants in the Profit sharing Plan are the owners.
Can a 5500-EZ be filed?
Or because there are 2 owners (and not owner +spouse) must a C/R be filed?

I believe there is an exemption from filing in a case where the assets are under 100,000 and the only participants are owners and/or their spouses. It is in the instructions to the EZ or C/R form as I recall.

The instructions to Form 5500EZ state you may use the 5500EZ if you meet the following:

1. The plan is a one-participant plan. This means that as of the 1st day of the plan year for which this form is filed, either:

a. The plan only covers you (or you and your spouse) and you (or you or your spouse) own the entire business. (The business may be incorporated or unincorporated); OR

b. The plan only covers one or more partners (or partner(s) and spouses(s))in a business partnership.

Based on the above I think you have to file the C/R.

You don't satisfy part (a) which only allows for you and a spouse to own the entire business (incorporated or otherwise). You do not satisfy part (B) in that an S-Corporation is not a partnership. The brothers are "shareholder employees" but they are not "partners". IMHO you have a Two-participant plan.