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In this video, 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 functions similarly to a social security number for a business, serving as its tax identification number. Whether you obtained it as a sole proprietorship, LLC, or corporation, it's essential to address your EIN when closing your business to ensure that there are no lingering obligations for filings, payments, or taxes. This closure helps prevent potential fraud that could occur if accounts remain open after the business ceases to exist.
