Commercial Co-Venturers need to stay compliant with state laws. In Alabama, that includes obtaining a Commercial Co-Venturer Surety Bond.
The State of Alabama Office of the Attorney General, Consumer Protection Section is responsible for registration of commercial co-venturers or professional fundraisers, telemarketers, charities, professional solicitors, health studios and protection of consumer services.
The Attorney’s General Office defines a Commercial Co-Venturer as follows “are businesses that conduct a sale, performance, or event for profit or other consideration, which will benefit a charitable or religious organization.”
The Alabama Code (13A-0-70 1996) provides the details for registration.
The following is required for registration:
1. Completion of the Commercial Co-Venturer Registration Statement with an original notarized signature and payment of the registration fee.
2. Within 90 days of terminating a contract, submit a closing statement with the Attorney General Office disclosing gross receipts and all expenditures incurred during the contract period.
3. Obtain a $10,000 surety bond and submit the original with the registration statement.
4. Registration and bonds renew annually September 30th of each year.
The premium you pay for the Alabama Commercial Co-Venturer Bond is dependent on credit.
Some non-profits are exempt from registration with the Attorney General. More non-profits are exempt in Alamaba than in any other state.
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