Tuesday, March 15, 2011

What does this mean when you are applying to get a business started? -

Each individual solicitor is required to post a $5,000 personal surety bond, in the name of the individual solicitor -- not the company -- naming the Prince William Board of County Supervisors as obligee at 1 County Complex Court, Prince William, VA 22192. The bond may be obtained through an insurance agencydoes this mean i have to pay 5,000 dollars up front, and can easily appear in court whenever they want me too?what does this mean???

No. The bond can be purchased for LESS than the face value. Basically, it s like an insurance: you did something wrong, they would have at least $5000 in their pocket for damages, even if you run. Then the bond enforcement folks come after you for the rest, and that has nothing to do with them. :)And you are guaranteeing the bond as a PERSON, not as the business, which is a separate entity.

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