Transient Employer Bond
The Missouri Department of Revenue has required the obtainment of the Transient Employer Bond. This bond is also referred to as the Transient Employer Withholding Unemployment Tax Bond. The required bond amount is equal to the average estimated quartley withholding and unemployment tax liabilities of the employer. The minimum of the bond is $5,000 and the maximum is $25,000. Failure to obtain this bond would cause the employer to be penalized up to $5,000 and will not be able to perform work in Missouri.
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 and employees 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 Transient Employer Bond:
Link to Missouri Transient Employer Bond Information: