California’s amendment SB 1225, which became effective January 1, 2009, allows LLC’s (Limited Liability Corporations) to establish private cemeteries. These companies need to obtain a form of security, such as a trust or bank escrow account, bank certificates of deposit, cash, letters of credit, United States Treasury obligations, or surety bonds. A minimum of a $1 million bond in needed for companies with 5 or less employees. An additional $100,000 is added per licensee if there are more than 5 employees, but the maximum amount for the bond is $5 million.
California Private Cemetary Bond
August 14, 2009 by Lisa Grimsley
Category: Commercial Bonds, Surety NewsTags: bond requirements, ca, california, legislation, private cemetary bond, surety bond |
