When this is done, a one person Nevis LLC is treated as a sole proprietorship for tax purposes and the profits flow through to the owner. If it has two or more owners it is treated as a partnership, and profits flow through to partners.US LLCs are not required to file the 8832 form in order to receive sole proprietorship or partnership tax status, but receive this treatment by default. A foreign LLC does not, so one must complete this form. An important note is that how it is taxed and how it protects you from lawsuits are two separate issues. A Nevis LLC with a sole proprietorship or partnership tax status offers just as much asset protection and lawsuit protection as one classified otherwise for tax purposes. Whatever tomorrow may bring , if we are doing our utmost to please Jehovah , we will remain at peace , fully confident of his unfailing love . ​ — 2 Peter 3 : 14 .