Thank you Matthias for your answer in this post Missing start-stop-daemon.
As you suggested, I will take a look at systemd, looks like it is a better option to start/stop services at a desired runlevel. While investigating systemd I found that journal can be used instead of syslog. Now I have to find a way to start ntpd.service and write system time to hwclock on shutdown using systemd.
To start a service you need to use systemctl start name.service , if you want the service to start everytime the board boots up use systemctl enable name.service. The services are placed inside /lib/systemd/system. More information on systemd can be found in here. I hope this helps.