It is increasingly common for people and companies to enter into agreements that cross borders. If you or your business are in this situation, you might be interested in understanding how an overseas judgment made in your favour may be enforced in Australia.
It is easy for Australian companies to enter into agreements with overseas entities, however, if things go awry and the parties end up in dispute then things can get complicated. It can be helpful to understand how to enforce a foreign judgment if your business operations cross international borders. One way this can be achieved is by registering and enforcing a judgment under the Foreign Judgments Act 1991 (Cth) (“FJA”).
In 2019, the Federal Government proposed the Federal Circuit and Family Court of Australia Bill 2019 which aimed to collapse the specialist Family Court of Australia into the generalist Federal Circuit Court. Then on 17 February 2021 the Senate gave the final approval to the Bill, passing with only a narrow margin of 30 for and 28 against. We’ll have a look at some of the prominent opinions regarding the Bill as well as offering our own take.
Prepare, plan and research. As an aspiring entrepreneur, it is essential a business plan is developed that outlines your business’s vision, goals, product or service, market research and strategies that will ultimately help you achieve your business goals. The plan demonstrates a clear overview of what you wish to achieve and will enable you to keep track of your progress. It’s important to decide on a business structure and choosing a name that is not only available, but unique. Location of the business is also significant, taking into consideration needs such as storage, equipment and proximity to your target market. Creating a business website would also be beneficial in increasing social awareness and access to consumers. Starting a business would require a lot of research, analysis and marketing to allow it to grow and become successful.
An important decision when starting a business is deciding on a business structure. There are several different business structures you can choose, and each will impact key areas such as the tax you pay, asset protection and the cost of set up. The four most common business structures in Australia are sole traders, companies, partnerships and trusts.