What are the duties and responsibilities of an owner in a small business?

5 years ago - 4 answers

Best Answer

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Duty to promote the success of your company
Duty to exercise independent judgement
Duty to exercise reasonable care, skill and diligence
Duty to avoid conflicts of interest
Duty not to accept benefits from third parties
Duty to declare interest in proposed transaction or arrangement with the company.

I wish you much success.

5 years ago

Other Answers

To operate his business in proper and responsible way.
To ensure that it has a premise and good staff to help in the business.
To ensure there is sufficient working capital for its cash flow and to pay wages and salaries to staff and other overhead expenses
To make a profit for himself.

by Eddy T - 5 years ago

The biggest mistake that small-business owners make with job descriptions is not writing them incorrectly, but not keeping them up-to-date, "A job description needs to be a living document, not the type of thing that you save on your computer desktop and leave it there to look at in five to 10 years
Prioritize. A well-written job description isn't just a laundry list of necessary requirements for a position -- it has a sense of priorities. The first few tasks listed should be the most important and time-consuming ones, and the rest should follow from there. If you've classified the employee as exempt, ranking duties is crucial to show that the employee spends the majority of his time on work requiring independent judgment. Often, employers will use the phrase "and other duties as necessary or required," as a catch-all for functions that a company is responsible for that take up less than 5 percent of an employee's time and effort. It's fine to use this phrase -- as long as you don't rely on it as an exempt status qualifier. If the "other duties" consume more than 5 percent of the employee's time, it needs a separate listing. Otherwise, your employee might grow resentful -- and you might find yourself in legal trouble.

by Javed I - 5 years ago

actually, the owners of small business act as the chairman of directors and ceo of huge companies. he/she take same duties and reponsibilities as the chairman of drectors and ceo.

manange company ( buying, selling products, supply services to cusotmers, accounting, tax, etc. )

by Diamond Man - 5 years ago