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How much does a wholesale wine distributor bond cost in Virginia?
The Commonwealth of Virginia’s Department of Alcoholic Beverage Control Board requires individual, partnership and corporation wholesale wine distributors to post surety bonds to legally conduct business. The required bond amount is based on the applicant’s anticipated tax liability for the year, and the penal sum of the bond cannot exceed $10,000.
Virginia wholesale wine distributor bonds are issued instantly and cost $12 per $1,000 of coverage, with a minimum premium of $100. For example, if an applicant needs a $10,000 surety bond, he or she will only pay $120.
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Why do I need this bond?
By posting a Virginia wholesale wine distributor surety bond, the principal (distributor) guarantees that he or she will pay all taxes and fees imposed by state or local laws. If the distributor commits fraud or other damaging acts, such as falsifying records of sale or failing to pay requisite taxes on prior sales, this bond ensures that consumers and the state will be protected from any financial losses. The surety will initially compensate harmed parties up to the full bond amount, but the principal must reimburse the surety for all monies paid out.
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What’s the fine print?
Wholesale wine distributor surety bonds in Virginia remain continuous until canceled. The bond can be canceled by the principal or the surety by giving written notice of cancellation to the board at least 30 days prior to the effective termination date.
The secretary will periodically review the sufficiency of the bonds posted by wholesalers and importers and will increase the required amount of the bond when the current amount no longer covers the wholesaler’s or importer’s anticipated tax liability.
How to become a wholesale wine distributor in Virginia
The best way to apply for a wholesaler license in Virginia is to electronically submit sponsorship and requests online on the Virginia Department of Alcoholic Beverage Control website.
More licensing information can be accessed from the Additional Resources section of this page.