What Are the Consequences of Ignoring Penalties and Fines?
Ignoring penalties and fines can have severe consequences for entrepreneurs, including:
1. Legal Actions: Non-payment of fines can lead to legal actions, which may result in higher penalties or even criminal charges. 2. Reputation Damage: Persistent non-compliance can damage the business’s reputation, affecting its relationship with customers, suppliers, and investors. 3. Financial Strain: Accumulated fines can put significant financial strain on a business, potentially leading to cash flow issues or even bankruptcy.