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I am presently a Wash DC contractor (HIC). I recently passed the test in the HIC exam in MD. I am having some problems with the 10K surety bond payable to MD Home Improvement Commission. My current DC surety bond is only $5K as required. I am going through a divorce and my financial status is strained with new child support requirements, new living arrangements, etc. What I am troubled by is the Maryland bond be on the individual and not the company. My parents are willing to assist me in my newly formed company. Oh yeah, my ex wife claimed half ownership of my old company as a marital asset. It made me scream! I am having problems indicating to MD as they ownly want my assets associated with the BOND. Any suggestions will be greatly appreciated. Thanks in advance.
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Is your company a sole proprietorship or corporation? If the latter, perhaps MD will not require you to put up your personal assets. I incorporated in VA partly to avoid personal disclosure, which I felt was unwise and even a bit offensive. Anyway, the bond should only assure the payment of the $10k; full disclosure should not be necessary ... or so I guess.
If the corporation is not managed properly it may be deemed a "sham" in a lawsuit and then your personal assets would be vulnerable.
Good luck with your current troubles.