It's important to differentiate between general affiliate marketing plugins and those specifically designed for Multi-Level Marketing (MLM), which involves complex compensation plans. While some affiliate plugins can be adapted, dedicated MLM plugins offer crucial features. Here's a breakdown:

Key Considerations for MLM Plugins:

Compensation Plan Support:
Ensure the plugin supports your specific MLM structure (binary, matrix, unilevel, etc.).
Look for flexibility to customize and adjust compensation plans.
Genealogy Tracking:
Visual representation of the downline structure is essential.
The plugin should provide clear and detailed genealogy trees.
Commission Management:
Accurate and automated commission calculations are vital.
Look for features like tiered commissions, bonuses, and payout management.
E-commerce Integration:
Seamless integration with WooCommerce or other e-commerce platforms is crucial.
The plugin should handle product sales, order tracking, and inventory management.
Security:
Robust security measures to protect sensitive financial and personal data.
Regular updates and security audits are essential.
User-Friendliness:
An intuitive interface for both administrators and MLM participants.
Easy-to-use tools for managing downlines, tracking sales, and viewing commissions.
Customization:
The ability to brand and customize the platform to fit your business needs.
Plugins and Related Tools:

AffiliateWP:
While primarily an affiliate marketing plugin, AffiliateWP offers features that can be adapted for some MLM structures.  
It's known for its robust tracking and reporting capabilities.  
It is very good at handling multi tier affiliate payouts.  
WP MLM:
This plugin is specifically designed for MLM businesses on WordPress.  
It aims to provide the necessary functionality for managing MLM networks, including compensation plans and genealogy tracking.  
It is important to do deep research on this plugin, and make sure that it fits your specific needs.
General E-commerce and Affiliate Plugins:
Plugins like WooCommerce, combined with affiliate management tools, can sometimes be customized for simpler MLM structures.
However, complex MLM compensation plans may require dedicated solutions.
Choosing the Right Plugin:

Define Your MLM Structure: Clearly outline your compensation plan and required features.
Research and Compare: Evaluate plugins based on your needs and read user reviews.
Request Demos: If possible, test the plugin's functionality before purchasing.
Consider Support: Ensure the vendor provides reliable customer support and updates.
Important Considerations:

MLM software can be complex, and ensuring legal compliance is crucial. Consult with legal professionals to ensure your business operations are sound.
When dealing with MLM structures, the handling of financial transactions, and data security are very important. So ensure that any plugin you use is from a reputable source.