Another three letter word - EGO - combined with delusion will get you all kinds of fancy titles. My rule of thumb is that a business of less than 7 people shou

Another three letter word - EGO - combined with delusion will get you all kinds of fancy titles. My rule of thumb is that a business of less than 7 people should have 1 "Manager" (not CEO, President, etc), and everyone else should be an employee (plus additional reasonable titles such as co-founder, etc). As the business grows and more people are brought onboard you can start handing out titles. This might not work in every situation, but it's a good starting point.