It is not legal for one man to catch the limit for the both of your or even more poeple. Legally, each person can only catch and keep his or her limit. 1 guy can't keep 10 bass if there is two of you in the boat, you can only keep 5 each etc. if the limit was 5, regardless of the species. Now the DNR proving it is a different story, but if you flat out tell him I caughts 8 and he caught 3 you will get a ticket.
Livewell does not mater how many are in each. Like others said creel and possesion are different.