I think Amway people are independent contractors, so they can get a 1099, not a W2. The 1099 shows all the money they paid you, and you show all the money you spent on your Schedule C. You're also supposed to generate 1099s for people you pay as independent contractors. Amway may handle that. I'm never clear on exactly who gets 1099.
You don't need a business entity like LLC or S-corp. You can just be a sole proprietor without any accounting help. You can open a bank account as your name "doing business as" (DBA) [a business name of your choosing]. (This is based on my past as a contract employee. I am not an expert in accounting or law.)
I think the very premise of network marketing orgs like Amway is a scam. The premise is you're buying into a network to promote products, but in the age of the internet that looks like a fig leaf for a pyramid scheme. But I hope it works for you anyway. Keep the money in that DBA account so you can track how much you're making or investing in the business.
