New Act on Misdemeanor Entrepreneurs – are you aware of risks involved?

10. 8. 2017

Failing to comply with obligations stipulated by the new Civil Code and the Business Corporation Act may prove expensive to businesses.

Did you, for instance, know that omitting to include information on your company, its ID-NO., seat and, particularly, the record in the commercial (including the so-called Section and Insert No.) or another registry into any business document may result in a fine of up to CZK 100,000? The important part is, then, that the "business document" may be any document used by a business while performing their commercial activities, i.e. business letters, orders and their confirmations, invoices, contracts etc.) The same fine may also be imposed if the information in the commercial or another registry is not up-to-date or a document is not filed into the Collection of Deeds maintained by the Commercial Registry as required by law.

Should you be in doubts whether your company meets (not only) the above legal requirements, do not hesitate to contact us.

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