Permanent establishment defined: fixed place of business creates tax nexus; agency and exclusions determine taxable presence. Permanent establishment is a fixed place of business through which an enterprise carries on business, exemplified by places of management, branches, offices, factories, extraction and construction sites, and warehouses. Exclusions cover solely preparatory or auxiliary activities such as storage, display, delivery, purchasing, information-gathering, and processing by another enterprise. Agency rules deem dependent agents who habitually conclude contracts, maintain stock for delivery, or manufacture/process goods in the State to create a permanent establishment, while independent agents acting in the ordinary course do not, subject to exceptions for agents effectively devoted to one enterprise or not dealing at arm's length. Insurance activities by representatives also create a presence.