If yours is a business that deals with alcohol, then you may need to have an alcohol tax bond. This is a bond that states or local governments may require from businesses to sell alcohol to guarantee that taxes and fees that are imposed will be paid. This relates to businesses that sell, manufacture, or store alcoholic beverages.
Do I need to have an Alcohol Tax Bond?
Each state and local government has its own set of rules when it comes to businesses and the sale of alcohol. If you are unsure what bonds you require for your business, one of our licensed agents will be able to get you the answer. If you are required to obtain this type of bond, we will guide you through the process of getting your bond quickly and easily.
What is the cost of an Alcohol Tax Bond?
The cost of an alcohol tax bond will depend on several factors, including your personal credit score and the amount of the bond. You will pay a percentage of the bond amount to obtain the alcohol tax bond. You can get a free quote to see what you will have to pay to get your bond and move ahead with your business.
Is the Alcohol Tax Bond called anything else?
Several terms can be interchanged with "Alcohol Tax Bond". Each government agency might use one of these terms:
If you aren’t sure what type of bonds you are required to have for your business, one of our licensed surety agents will be able to help you figure out which bonds are required and guide you through the process of getting each one so that you’re ready to get to work in your business.
How does the Alcohol Tax Bond work?
With these types of bonds, if the business owner fails to meet their obligations, such as paying proper taxes, then the government agency can file a claim against the bond. If the claim is deemed valid by the surety company, then a payment will be issued. The principal, or business owner who purchased the bond, will then be responsible for reimbursing the surety company for the amount paid toward the claim. The penalty can be as much as the total amount of the bond.