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The Texas Controller of Public Accounts requires mixed beverage permittees to purchase several different types of surety bonds, including sales tax surety bonds.
Texas Mixed Beverage Sales Tax surety bonds are required as security for the payment of the 8.25% sales tax on mixed beverages. They ensure that permittees remit the monthly sales tax payment to the Controller and protect the state against financial loss when a permittee fails to do so.
In order to obtain a mixed beverage permit, you�ll need to purchase a continuous Mixed Beverage Sales Tax bond that will be extended automatically every year until it is canceled. This is true whether you sell to the public or have a private club mixed beverage permit and sell only to its members.
The required bond amount is four times your establishment�s average monthly sales tax liability (calculated at 6.7 % of gross receipts), with a minimum of $3,750 for permittees that sell to the public and $2,250 for private clubs that sell mixed beverages only to members. The maximum required bond amount for all permittees is $100,000.
A Texas Mixed Beverage Sales Tax bond agreement is a legally binding contract among three parties:
The principal�s failure to remit monthly sales tax payments can result in the obligee making a claim against the bond to recover the outstanding amount. The terms of the surety bond agreement make the principal legally responsible for paying all claims.
Although the surety has no legal obligation to pay claims, the surety will typically pay a valid claim and wait to be reimbursed by the principal. In essence, a surety bond provides a line of credit that is the source of funds for claims payment. The principal usually reimburses the surety by making installment payments against that line of credit.
Texas Mixed Beverage Sales Tax bonds are sold for an annual premium that is a small percentage of the required bond amount. The surety assigns each bond applicant a premium rate that is based in large part on the individual�s personal credit history. The higher the person�s credit score, the lower the premium rate. Although a person with poor credit should still be able to get bonded, the premium rate will be substantially higher.
Get a convenient online quote today, or call to speak with one of our experts about getting the bonds you need in order to sell mixed beverages in Texas.
