We investigate the relation between different three-dimensional reductions of the Bethe-Salpeter equation and the analytic structure of the resultant amplitudes in the energy plane. This correlation is studied for both the $\phi^2\sigma$ interaction Lagrangian and the $\pi N$ system with $s$-, $u$-, and $t$-channel pole diagrams as driving terms. We observe that the equal-time equation, which includes some of the three-body unitarity cuts, gives the best agreement with the Bethe-Salpeter result. This is followed by other 3-D approximations that have less of the analytic structure.