1. Amway is a global leader in the $102-billion direct selling industry. More than three million Amway Business Owners operate independent businesses in more than 80 countries and territories around the world.
A single-member limited liability company, as a solely owned LLC is called, gives the owner a choice of how to be taxed -- as a sole proprietorship, an S corporation or a C corporation.The legal structure of the business itself doesnât change with any of the choices.nder an S corporation classification, a single-member LLC needs to have a large enough profit in excess of the ownerâs salary to realize any tax savings on passive income.
Without filing this form, your LLC is classified under the IRSâ âdefault rulesâ. However, if your LLC files this form to be taxed as a Corporation, it cannot change its tax status for less than 60 months. Once it is classified as a Corporation, it can file a Form 2553 to be taxed as an S Corporation.Although the IRS may recognize and classify (for Federal tax purposes) an LLC as a Corporation (by filing Form 8832) or an S Corporation (by filing Form 8832 & 2553), an LLC is not a corporation.arning: An LLC is not a Corporation. Although the IRS may recognize and classify (for Federal tax purposes) an LLC as a Corporation (by filing Form 8832) or an S Corporation (by filing Form 8832 & 2553), an LLC is not a corporation.