What is a Missouri Transient Employer Bond?
If you’re an employer who is not a resident of Missouri, but…
- Pays wages taxable under the Missouri Income Tax Law, the Workers’ Compensation Law, and the Missouri Employment Security Law
- Transacts business within Missouri temporarily or less than 24 consecutive months
You need this surety bond!
A Missouri Transient Employer Bond is required of transient employers to guarantee that the said person will promptly file accurate reports and pay any taxes due to the Missouri Department of Revenue.
If the transient employer defaults on the obligations, the Missouri Department of Revenue will be eligible for financial compensation up to the penal sum of the surety bond.
The surety bond requirement is in strict compliance with Section 285.230.1 of the Missouri Revised Statutes.
What is the Transient Employer Bond amount?
The bond amount will be a case-by-case basis. It will be determined by the Director of Revenue and will be based on the transient employer’s average estimated quarterly withholding tax liability.
$5,000 – minimum bond amount
$25,000 – maximum bond amount
Those who have excellent credit scores will be eligible to pay for a very low bond premium or just 1% of the bond’s amount!
If you want to find out what you need to pay, GET YOUR FREE QUOTE HERE today!
How can I get a Transient Employer Bond?
To secure this type of bond, the transient employer must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Missouri
- The surety bond should be made payable to the Missouri Department of Revenue
- The transient employer is obligated to comply with the provisions of Chapter 285 of the Missouri Revised Statutes, and the rules and regulations of the Missouri Department of Revenue
- The transient employer should file the surety bond to the Missouri Department of Revenue 14 days before the start of the employee’s performance contract
- If the transient employer commits a violation, the aggrieved party will be eligible to file a claim on the surety bond
Ready to start? APPLY NOW!