Do small businesses and privately held companies have ethical duties?

Do small businesses and privately held companies have ethical duties?

Read the article Governance in the Spotlight: What the Sarbanes-Oxley Act Means for You. In this article the author outlines provisions companies are now required to implement. Consider the requirements imposed by Sarbanes-Oxley on corporate boards of directors. Do small businesses and privately held companies have ethical duties?

If so, to whom would they owe this duty? Employees? Customers? Vendors?

Should the law impose ethical requirements on small businesses or privately held companies or can the marketplace police unethical business behavior? Provide support to justify your position.