Sale and Use Tax Surety Bond
The Missouri Department of Revenue has required the obtainment of the Sale and Use Tax Surety Bond. The required bond amount varies. The formula to calculate your required bond amount can be calculated with the second link. If you are unable to estimate your bond, you may contact the Taxation Division for assistance. The Taxation Division reviews the bond amount to ensure it is sufficient in accordance with the Missouri Statutes. The following items are taken into consideration when determining a sufficient bond amount: previous ownership of business, types of products or services sold, location of business, business hours, operating expenses, etc.
The bond helps ensure that the applicant will comply with all regulations, rules, and laws when performing in Missouri. This bond will protect your clients from malpractice or detriment done by your company. These wrongdoings can be any person damaged by any misrepresentation or fraud of your services.
The bond helps guarantee that the applicant will follow all regulations, rules, and laws. This bond will protect the state by guaranteeing faithful and honest performance. The bond provides surety in regaining losses in fees, fines, and expenses imposed by state regulators. If there are any poor financial decisions, damages, or violating of any laws or regulations, this bond will be used in favor of the state.
The surety company will payout if you are found at fault for a claim on your bond. Qualification for this bond will require a credit check. The rate will depend on the credit worthiness of the applicant and will carry a rate from 1% to 15%. A quote can be obtained by completing the online application.
Link to Missouri Sale and Use Tax Surety Bond Form:
Link to Sale/ Use Tax Bond Information: