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.
Step 2. Complete and file IRS Form 1065, U.S. Return of Partnership Income, and distribute a Schedule K-1 to all members if your LLC has elected to be taxed as a partnership. A partnership is a pass-through entity, meaning the partnership doesn't pay federal income taxes itself.n LLC must choose how it will be taxed by electing treatment as a sole proprietorship or a corporation, if it is a single-member LLC, or as a partnership or a corporation, if it is a multi-member LLC. An LLC electing treatment as a corporation can make an additional election to be taxed as an S corporation.