Partner got Arrested

[Bond Guy]

I own a telemarketing company. The company had 2 owners myself and another man. The other owner was was arrested and all his assets were sold off. I was lucky enough to purchase his interests in our company. What do I need to do to get the company listed just under my name?

[Surety Queen]

I own a telemarketing company. The company had 2 owners myself and another man. The other owner was was arrested and all his assets were sold off. I was lucky enough to purchase his interests in our company. What do I need to do to get the company listed just under my name?

You need to be in touch with your bond representative immediately so new agreements can be executed and surety can be notified. Call right away!

[Bond Guy]

I did speak to my agent and they are changing the agreements and sending them to me. Do you know if I have to contact the state and tell them of the ownership changes or will they find out when they see the new agreements I am filling out?

[Surety Queen]

Absolutely - you should let the State know of any significant changes.

[Surety Wizard]

What if there is a claim during the time the partner was working and sent to jail? He would have still been listed on the bond. Is he responsible for repayment? How do they get repayment from him if he is in jail?