I think the best approach is to have a separated Database Project so each developer could add DML/DDL scripts to it and synchronize by deploying the project in the local databases. You can even Reverse engineering your database into a Database Project.
Note that Visual Studio 2010 had Database Projects to design, develop and deploy databases. In Visual Studio 2012 this was overhauled and is now part of SSDT (SQL Server Data Tools).
Also, SSDT can be installed as an extension in VS2010.
These are the main features of both:
- Source control the database
- Schema syntax
- Ease of refactoring
- Automatic generation of deployment scripts
- Centralized development