Sure, if someone shares the private key (shares the wallet), then there are effectively multiple owners. This would be similar to a joint bank account for exaple.
Alternately someone could set-up a multi-signature ("multisig") wallet. In this case, more than one signature is necessary to transact with the wallet.
For example, a "2-of-2 multisig wallet" would mean that both owners must collaborate to execute a spend transaction. Similarly, a "2-of-3 multisig wallet" requires two of three owners to collaborate in order to execute a spend from the wallet.