Indiana SF-2

This guide provides the complete set of instructions for filling out the Indiana Form SF-2 and ensures businesses meet their obligations under the Special Fuel Tax Law.

Indiana Form SF-2 is used for the Special Fuel License Bond, which is a surety bond required by businesses involved in the sale, transport, or import of special fuels within Indiana. This bond ensures that the business complies with Indiana’s Special Fuel Tax Law and meets all payment obligations for licenses, taxes, penalties, and other liabilities. The bond may be filed by various parties such as suppliers, transporters, exporters, importers, and terminal operators. This article will provide you with clear, step-by-step instructions for completing the Indiana Form SF-2, a bond agreement for businesses engaging in operations under the Special Fuel Tax Law. The instructions are detailed and straightforward, ensuring you understand how to fill out each section of the form.

How to Complete Indiana SF-2 Form Line-By-Line Instructions

How to Complete Indiana SF-2 Form: Line-By-Line Instructions

1. License Number

This section is for the license number assigned to the business by the Indiana Department of Revenue. Enter your specific license number here.

2. Bond Amount

Enter the required bond amount in this field, which is set by the Department of Revenue based on your business activities.

3. Bond Number

Provide the unique bond number issued for this particular bond.

4. Surety Bond Details

  • Surety Bond Given By: The principal (the business) is listed here, along with the business’s location. This ensures the surety bond is executed on behalf of the principal.
  • City-Town: Enter the city where the principal is located.
  • County and State: List the county and state where the principal operates.

5. Surety Information

  • Name of Surety: The surety company or party guaranteeing the bond is listed here.
  • Street Address: The address of the surety company.
  • City, State, and ZIP Code: The location of the surety company.

6. Principal and Surety Agreement

This section contains an agreement between the principal (the business) and the surety (the bonding company). It guarantees the payment of all required fees, taxes, penalties, and other obligations under Indiana’s Special Fuel Tax Law. The principal agrees to comply with all tax laws and regulations, and the surety guarantees payment in case of non-compliance.

7. Cancellation Clause

The bond may be cancelled by the surety or the principal. If the bond is cancelled, 60 days’ written notice must be given to both the principal and the Indiana Department of Revenue. The cancellation becomes effective 60 days after the Department receives the notice, unless a replacement bond is filed and approved before then.

8. Liability of Surety

This section outlines that the surety remains liable for all acts and omissions by the principal, even after the cancellation notice is provided. The surety’s liability continues to be in effect until the cancellation is final.

9. Bond Duration

The bond is a continuing bond, meaning it remains in force until cancelled, either by mutual agreement or by the filing of a new bond. The bond continues until cancellation or until a new bond is filed that meets the required amount specified by the Indiana Department of Revenue.

10. Witness and Notary

  • Principal Owner or President: The owner or president of the business must sign the bond to confirm their role in the agreement.
  • Surety President: The president of the surety company also needs to sign the bond.
  • Indiana Resident Agent: If applicable, the resident agent for the principal or surety may sign.
  • Notary Public: The notary public must witness the signing of the bond and verify the signatures. The notary will include their commission expiration date and affix their seal.

11. Execution of the Bond

The bond is executed on a specific date. Ensure that the date of execution is filled out properly in this section to reflect the correct filing time.

12. State and County

The location where the bond is executed should be listed under this section. This typically includes the state and county where the bond is signed.

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FAQs

  1. What is the Indiana SF-2 form used for?
    The Indiana SF-2 form is used to file a Special Fuel License Bond, required for businesses involved in special fuel activities in Indiana.
  2. Who needs to file the SF-2 form?
    Businesses such as fuel suppliers, transporters, importers, and terminal operators in Indiana must file this form.
  3. Can the bond be cancelled?
    Yes, the bond can be cancelled by providing a 60-day notice to both the principal and the Indiana Department of Revenue.
  4. How long is the bond effective?
    The bond is a continuing bond, remaining in effect until it is cancelled or replaced with a new bond.
  5. Who signs the Indiana SF-2 form?
    The form must be signed by the principal (business owner or president), the surety president, and the notary public.
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