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.
Instead of being taxed under Subchapter C and considered a regular C corporation, the LLC can be taxed as a small business corporation, or S corporation. This federal tax election allows a regular corporation to be taxed as a partnership. Hence, a single-member LLC that could not elect to be taxed as a partnership could elect to be taxed as a corporation and make the Subchapter S election on IRS Form 2553, Election by a Small Business Corporation.