What is a North Carolina Alcoholic Beverage Surety Bond?
The North Carolina Department of Revenue requires that wholesale distributors or importers of beer and wine furnish a surety bond to the state. This surety bond is called an Alcoholic Beverage Surety Bond in the state and its written on Form B-C-790. (The bond is sometimes also referred to as a Tax Bond for Alcoholic Beverage Wholesalers or Importers.)
The surety bond coverage amount varies and is based on the applicants annual state tax liability as determined by the Secretary of Revenue. This surety bond is specifically mandated for those desiring to conduct business in the State of North Carolina as wholesalers or importers of alcoholic beverages as defined in North Carolina G.S. 105-113.68(a)(5), (7) and (12) since these beverages are subject to the North Carolina excise tax levied in North Carolina G.S. 105-113.80(a) and (b).
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Why is a North Carolina Alcoholic Beverage Bond Required?
The bond applies to those engaged in business in the State of North Carolina as wholesalers or importers of the beverages as defined in North Carolina G.S. 105-113.68(a)(5), (7) and (12). The bond ensures that the bonded principal meets all North Carolina Department of Revenue reporting requirements and promptly pays all state beverage excise taxes when due.
Additional North Carolina Alcoholic Beverage Bond Resources & Links
North Carolina Department of Revenue Alcoholic Beverages Tax Forms and Instructions
Because the Surety Bond guarantees tax payments, it is considered a higher-risk, financial guarantee bond. As a result, these bonds can sometimes be more expensive than some other surety bonds if the bond amount is high. It is important to rely on experienced, surety bond experts like those at Surety Bonds Direct to find the lowest rate in the market for these higher-risk bond types.
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