What is Indiana Form MF-102?
Indiana Form MF-102 is a bond agreement that ensures a business complies with the Indiana Gasoline Tax Law, as outlined in the state’s regulations. It serves as a security measure, where a principal (the business or individual) and a surety (an insurance or bonding company) promise to cover the required tax obligations, including gasoline taxes, penalties, and interests. The bond is required for businesses seeking to obtain a Gasoline Distributor’s License to operate in the state. If the principal fails to fulfill their tax obligations, the bond guarantees payment to the state to avoid non-compliance penalties. This bond remains effective until canceled or replaced by a new bond approved by the Indiana Department of Revenue.
How to File Indiana Form MF-102?
To file the Indiana Form MF-102, the principal must submit the bond document, which includes both the surety’s and principal’s information, and ensure that it complies with the state’s gasoline tax law. The bond ensures the payment of taxes and penalties due, as well as compliance with the requirements set forth in the Indiana Gasoline Tax Law. The bond also outlines the process for cancellation and renewal.
How to Complete Indiana MF-102
1. Principal’s Information
- Name of Principal: Write the legal name of the business or individual applying for the Gasoline Distributor’s License.
- Street Address: Enter the complete address of the principal’s business location.
- City, State, Zip Code: Fill in the city, state, and zip code where the principal’s business is located.
2. Surety’s Information
- Name of Surety: Write the legal name of the surety company providing the bond.
- Street Address: Enter the surety company’s address.
- City, State, Zip Code: Fill in the city, state, and zip code where the surety company is located.
3. Bond Amount
- Bond Amount: Indicate the dollar amount of the bond, which is typically a set amount required by the state. This is usually in the range of several thousand dollars and ensures the principal complies with tax obligations.
4. Execution Details
- Effective Date: Write the date when the bond becomes effective, ensuring it aligns with the start of the licensing period.
- Principal’s Signature: The principal or business owner must sign here, indicating they agree to the terms.
- Surety’s Signature: A representative from the surety company must sign this section, acknowledging their role in guaranteeing the bond.
- Notary Public: A notary public must verify the signatures and date the bond to confirm its authenticity and validity.
5. Cancellation and Renewal Clauses
- Notice of Cancellation: If either party wishes to cancel the bond, a 60-day written notice must be given. This section explains the process and conditions under which the bond can be canceled.
- Principal’s Obligation to Renew: If the bond is canceled, the principal is required to file a new bond with the Indiana Department of Revenue to continue operating as a gasoline distributor.
- Liability Continuation: The surety remains liable for any obligations incurred before the bond’s cancellation, even if notice of cancellation has been given.
6. Indemnification and Surety’s Responsibility
- Surety’s Liability: The surety must remain liable for the principal’s obligations under the bond, including any tax liabilities, penalties, or interest owed to the state. This section emphasizes the importance of compliance with the state’s tax laws.
7. Signature and Seal
- Principal’s Signature (Owner or President): The person in charge of the business, such as the owner or president, must sign the form to indicate responsibility.
- Surety’s Signature (President): The president or authorized representative of the surety must sign to acknowledge the guarantee provided by the surety.
- Witnesses: Witness signatures or notary public verification may be required to finalize the bond.
8. Notary Public Section
- Notary Public Signature and Seal: The notary public must verify the signatures and provide a seal to confirm that all signatures are legitimate and that the bond has been properly executed.