Switching to Corporation

[Mother Bond]

I have a bond for my company. When the bond was issued, it was a sole-proprietorship. But now I'm thinking about becoming incorporated... will this cause a problem with my bond? There is no change in ownership.

[Surety Queen]

Originally Posted by Mother Bond

I have a bond for my company. When the bond was issued, it was a sole-proprietorship. But now I'm thinking about becoming incorporated... will this cause a problem with my bond? There is no change in ownership.

It really depends on what Surety your bond is written through. It's best for you to touch base with your bond representative to see how this change affects your bond. In some situations, a new bond is required - but not always.