Surety Bail Bond Business
Structure of a Surety Bail Bond Business
Surety bail bond business is a corporation or an agency that pledge property or money and act as a security for the appearance of a person accused in court. Surety bail bond business help criminals to be released out of jail with a certain charge so as they can be able to fight their charges freely. The surety bail bond is a very risky market and it only requires people who are incarceration to face and meet obligations and also people who are committed to this market so as to lower the risks. Writers who offer marketing management assignment help at Edudorm essay writing service notes that surety bail bond agency requires rules and regulations in order to license and keep the record of an individual who has transacted fee given from the industry. Through keeping the records of the bail bond business it can be easy to run the business efficiently without counting of loss. A surety bail bond can function well if it is allocated in an open place for instance if it is located near a court. This paper is focusing on the structures of bail bond business in Florida.
Sole Proprietorship Structure of a Surety Bail Bond Business
Structures of surety bail bond business in Florida are a sole proprietorship, partnership, and corporation. Florida is a unique state to operate a sole proprietorship as compared to other states. Running this business on your own helps an operator to keep an appropriate accounting of the income and expenses. Operating a bail bond market as a sole proprietorship assists an individual in evaluating the tracks and progress at own expenses which can make the business to work easier. Experts who offer operations management assignment help at Edudorm essay writing service indicates that for a person who is operating as a sole proprietorship, he or she has to license his or her business so as to execute the file of the qualifying power of attorney form. Individuals who are operating surety bail bond industry in Florida, are licensing their company in order to operate their market effectively hence lowering the risk in the market (Johnson & Ruth, 2013).
Partnership Structure of a Surety Bail Bond Business
Eric and Alexander (2004) implied that surety bail bond business in Florida can also operate with partnership either in general partnership or in a limited partnership. When a surety bail bond operates in partnership, responsibilities in the market rely on all partners of the market for instance when a loss incur in the market all the partners have to contribute an amount of money. With a general partnership, the surety bail bond takes for granted by the assuming liability meant for the partners in the market. Limited partnership serves the bail bond business accepting the liability in the business without assuming liability for the partner.
Corporation Structure of a Surety Bail Bond Business
Corporation is the expensive surety bail bond business as well as some of the drawbacks. In Florida, the bail bond operators in the corporation structures subject to corporate income are distributed to the shareholder in the company and each member have to contribute an amount of tax as it compares to their income rate. In a corporation structure, any individual act as a guarantee and pledge money of the surety bail bond is accused in court (Johnson & Ruth, 2013).
Conclusion
In briefly, in Florida, the three structures all function well in bail bond business but the sole proprietorship is the best as it is compared to partnership and corporation structure. With partnership structure, the surety bail bond can operate in two ways that are in general partnership and limited partnership. Surety bail bond business can also work with corporation structure where the market can continue even when the owner has passed on.
References
Johnson, B. R., & Ruth, S. S.(2013). The Regulation and Control of Bail Recovery Agents: An Exploratory Study. Criminal Justice Review 38(2), 190-206
Eric, H. & Alexander, T. (2004). The Fugitive: Evidence on Public versus Private Law Enforcement from Bail Jumping. The Journal of Law and Economics 47(1), 93-122.
