You’re absolutely right, the only title that really means anything is “owner”.
In a large organization an AVP is a person who manages supervisors, a VP or SVP manages only managers. In other words they focus on strategy, process, policy, and objectives.
These strategy only positions just don’t exist in small organizations, so calling people VP’s is often used to justify a lower salary. I like your idea of calling people who both manage and contribute “Lead”, keep it up