Licensing for Montana PEO’s is facilitated by the state’s Department of Labor and Industry, Employment Division. The state provides a detailed packet/application for candidates.
If you, as a resident or nonresident, are unable to demonstrate a net worth of at least $50,000 to the satisfaction of licensing, you will then be required to obtain a $50,000 surety bond.
Qualifying for the $50,000 Montana professional employer organization bond includes an application, which we’ll take from you over the phone, but which will require at least an electronic signature.
There is also a review by an underwriter and a credit inquiry.
Applicants who qualify with good credit may pay as little as 1.5%; however, your credit score will be the determining factor.
Once approved and once payment is received, your PEO surety bond is issued to you immediately. Upon receipt of your bond and Power of Attorney, you’ll file it to:
State of Montana
Department of Labor and Industry
Employment Relations Division
1805 Prospect Avenue
PO Box 8011
Helena, MT 59604-8011
The purpose of your surety bond is to serve as a financial guarantee of your compliance with the Professional Employers Groups and Licensing Act, Title 39, Chapter 8, Montana Code Annotated.
More directly, the bond guarantees that wages, payroll taxes (which includes unemployment insurance premiums), and workers’ compensation premiums will be paid in a timely manner. The surety bond is also a financial guarantee that taxes owed to other entities besides the state will also be paid.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide professional employer organization surety bonds wherever required nationwide.
Our agency is also a provider of license and permit surety bonds in all 50 states.
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