Can individuals acquire surety bonds?

Individuals can indeed acquire surety bonds for various purposes, which include licensing requirements, personal projects, and even specific contractual obligations. This capability reflects the broader application of surety bonds beyond just businesses, allowing individuals to fulfill specific legal or regulatory needs. For instance, individuals may need surety bonds when applying for certain licenses, such as contractor licenses or in cases where personal projects require a guarantee of performance, ensuring that obligations will be met.

The other choices limit the use of surety bonds to businesses or specific situations, which doesn't capture the versatility in how surety bonds can be utilized. This flexibility highlights the importance of surety bonds in both personal and professional contexts, further emphasizing why individuals might need and can obtain them.