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Texas requires several different types of surety bonds from individuals who hold mixed beverage permits, each serving a different purpose. Texas Mixed Beverage Gross Receipts Tax bonds are surety bonds that ensure the payment of the monthly taxes a permittee must remit on gross receipts from the sale of mixed beverages.
This type of bond serves as security to ensure the payment of taxes. It protects the state, specifically the Texas Controller of Public Accounts, against financial loss in the event that a permittee fails to remit the required payment of taxes on gross receipts.
Purchasing a Mixed Beverage Gross Receipts Tax bond is a mandatory step in obtaining a mixed beverage permit to do business in the state of Texas. This requirement applies to both permittees selling to the public and private clubs selling mixed beverages to members.
This is a continuous bond that renews automatically on January 1 of every year and will remain in force until it is canceled. The amount of the bond must be four times the permittee�s average monthly tax liability (calculated at 6.7 % of gross receipts). The minimum required bond amount is $3,750 for establishments selling to the public and $2,250 for private clubs. The maximum is $100,000 for all permittees.
There are three parties to a Texas Mixed Beverage Gross Receipts Tax bond agreement:
If the principal fails to make the required monthly gross receipts tax payments, the obligee can make a claim against the bond to obtain the outstanding amount. The legal responsibility for paying that claim rests entirely with the principal.
In practice, however, the bond functions as a line of credit, which means that the surety will pay the claim and then collect reimbursement from the principal.��This makes the claimant whole and gives the principal time to pay the surety back, often in installments over a certain period of time.
Texas Mixed Beverage Gross Receipts bonds are sold for an annual premium and are subject to underwriting. The premium is a small percentage of the required bond amount. The surety determines what that percentage will be based largely on the principal�s person credit score. Someone with a high credit score will pay a much lower premium rate than someone with poor credit will.
Request a convenient online quote today, or call us to discuss the surety bonds you will need to obtain and keep a permit to sell mixed beverages in Texas.
