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Do you have tax liabilities in another states or countries and not even know it? Nexus is a term that you might have heard but you aren't really sure what it is. Most small businesses don't think about it because it must be something only bigger businesses deal with but states and other countries are getting smarter.

What is nexus?

Merriam-Webster defines nexus as a connection between two things. For tax purposes, that connection creates a tax liability. How does a business create a connection for tax purposes?

How is nexus created?

Under traditional rules, there were three ways to generate nexus in a state:

1. Have employees
2. Have assets, including inventory
3. Have outside salespeople or installers

With the popularity of online shopping and states losing out on sales tax money from those internet sales, states started to redefine how nexus was created. Many...

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Join Kristin and I as we go deeper into the future trend of small biz retail. The destination location.

Why are destination locations become so appealing?

• Are you a destination or location?
  • Destinations rely on people to make a conscious decision to stop at your business
  • Locations rely on high traffic areas to bring in customers
• Creates a larger potential audience
• Become a place people must see if near your area
• Not just for craft stores
  • Jordan’s Furniture
    
    • IMAX theaters, rope courses, Christmas village, Ice skating rink
  • Ikea
    
    • Kids play area, restaurant, interesting products
  • Webs
    
    • Classes, one of the largest yarn stores in the U.S., knowledgeable staff
  • King Arthur Flour
    
    • Classes, knowledgeable staff, large selection of baking supplies that are hard to find else ware (except on their website)
  • Loveless Café
    
    • Good food, shopping, national...

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Small businesses are formed for many reasons. We started ours because we loved our hobby of teaching, inspiring, and entertaining people. There are many reasons to start a small biz. You might want to work for yourself or make some more money. However, we live in a changing world. We cannot afford to lose track of the trends in small business or we risk losing the business we love. So we need to understand, where small business if going.

What is the biggest change coming to small biz?

There are many changes that will continue to happen with Small Business. Record numbers will be starting up and failing every year. However, the biggest change is that the older definitions will start disappearing. Local business versus international business and online business versus offline business will merge into business.

It really has been changing with the invention of the online...