Transfer Ownership

[Bond Magician]

I am in the process of applying for a bond. My partner has substanially better credit than I do. In order to be approved through a standard program instead of the high risk program, can I have the ownership transferred to my partner? What will I have to do?

[Mr. Bond]

If you are going to transfer ownership to your partner for a better rate that is fine as long as you are registered with the state this way and you have less than 5% ownership in the company. I'm sure there will be additional answers, but I hope this helps!

[Bond Magician]

Mr. Bond,
What if I am the sole owner now, and I want to transfer ownership to my partner? Will an new bond have to be issued and another GIA signed?

[Mr. Bond]

Bond Magacian - If you are transferring ownership of your company - more than likely the bond will need to be cancelled and a new application/submission would need to be sent to the surety to see if the new owner(s) qualify for the bond in question. Hope this helps!

[Bond Magician]

What if I transfer ownership without notifying you?

[Mr. Bond]

If you transfer ownership without notifying the surety - you will not be in compliance with the state or your agreement with the surety.

[Bond Magician]

Will the surety company come after my personal property and terminate my bond?