While some people still think of coaches in only sports term, business coaching has become a sought after discipline. As a coach, mentor and trainer, I often support business owners and entrepreneurs in developing and achieving a greater vision for themselves. However, sometimes the terminology on the various roles is confusing so let’s do some clarifying.

Many small business owners are disappointed to find that they’ve simply created themselves a 24/7 job instead of the freedom they anticipated. This is often when they seek me out for coaching and/or mentoring. We work together to discover how to streamline systems and develop a perspective that will support their personal dreams.

Many times I will recommend that small business owners or entrepreneurs employ the help of a mentor, a coach and a mastermind group. We’ll discuss mastermind groups in the future at length. For now, know that they are small groups of usually no more than 8 people who are goal-oriented and want to network and brainstorm with others about their business and personal goals. They meet in person or by phone, usually no less than monthly.

If the irs imposes a tax lien on your property it is very serious. The worst mistake that you can make is to ignore the irs and their audit notices. You must respond to the irs in a timely manner if they request that you send them information or require that you come in and meet with field agents for an interview.

If you do not respond to irs inquests then they will assume that you are in default and generate a dollar amount that you owe based upon their assumptions. You will have a specified amount of time to come up with this money and if you do not then you will face large wage garnishments and a possible tax lien against your property.

The wage garnishments from the irs are quite substantial. And if you can not come up with the money your property can be taken away from you and sold. Don’t let your case get to this point, if you need tax lien help, a licensed tax attorney will be your only salvation.

Starting a business is a very complex and emotional time. Business owners are faced with many important decisions, including establishing a business plan, raising capital and selecting the right employees. But one aspect that is often overlooked is the proper business structure.

One popular choice is the sole proprietorship. This is an unincorporated business that is owned by just one individual. It is an easy business structure to start and maintain. The business itself has no existence apart from the owner. The owner has the business risk for all assets owned. The income and expenses are included on Schedule C of your individual tax return.

Corporations are a more sophisticated entity. The shareholders of the corporation may contribute money, equipment or other property and will receive stock in the entity in return. Corporations are subject to double taxation which is not an advantage for many business owners.