Starting my own business

[Carboholic]

I'm starting my own business and I was told by a friend of mine (who owns his own business) that in addition to getting licensed, I will need to get a surety bond. I'm a little confused about the process of getting licensed and bonded and I don't know where to start. Do I apply for my license first? Or do I need to get the bond first? And how do I know what size bond I need?

[Admin]

Don't worry, it is very common to be confused by suretyship, as it is new to most.

The first step would be to confirm if the government deparment that regulates your license is actually requiring a bond if your friend is simply recommending it. Next, find the bond amount they require of you and request a blank copy of the bond, as it will be needed for your bond application. As for your license, if a bond is required, you would file the bond with your license application.


Let me know if you have any further questions.