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Attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your Employer Identification Number (EIN) with the IRS when shutting down a business. An EIN serves as a tax identification number for a business, similar to a social security number for individuals, and is applicable to various business structures, including sole proprietorships, LLCs, and corporations. When dissolving a business, it's important to close the EIN to avoid future filings, payments, or taxes that may arise even after the business ceases operations. Additionally, closing accounts helps to prevent potential fraud that could occur if accounts remain open.