"For tax purposes only.....one can elect to have the IRS treat their single member LLC or multi-member LLC “like an S-Corp” ....This is accomplished by filing IRS Form 8332..."
The form number is 8832, not 8332, and an S corporation election is accomplished by filing Form 2553, not Form 8832 (the latter form would be filed for an election to have the LLC treated as a C corporation).
"...The C-Corp will then issue each owner, investor and/or shareholder a K-1..."
C corporations do not issue K-1s to their shareholders (or anyone else for that matter).
