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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 is essentially a tax identification number for businesses, similar to a Social Security number for individuals, and can be obtained by sole proprietorships, LLCs, or corporations. It's important to close the EIN to avoid future filings, payments, or taxes due after the business has ceased operations. Additionally, closing the EIN can help prevent potential fraud by reducing the number of open accounts linked to a non-existent business.