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Attorney Elizabeth Potts Weinstein discusses the process of closing or canceling an Employer Identification Number (EIN) with the IRS when shutting down a business. An EIN serves as a tax identification number for various business entities, including sole proprietorships, LLCs, and corporations. Closing the EIN is essential to prevent future filings, payments, or taxes that may arise after the business ceases to exist. Additionally, dissolving the EIN helps mitigate the risk of fraud, as unclosed accounts may be vulnerable to misuse. Properly addressing the EIN is a crucial step in the overall business closure process.