||The paper examines the development of relations in the Czech business system in the period of economic transformation. It identifies three different types of firms which adopt different strategies and approaches towards internal and external relations. These are foreign-owned companies, small and medium enterprises owned by Czech investors and former socialist state enterprises privatized by Czech investors. Considering external relations, the main groups consist of business partners, financial capital providers and to some extent owners. Managers and employees are the most important internal actors. These relations are studied in connection with the institutional change that has been taking place since 1989.