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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 similar to a social security number for individuals. It can be obtained by various business structures, including sole proprietorships, LLCs, or corporations. When closing a business, it's essential to address the EIN to avoid future filings, payments, or taxes that may be due despite the business no longer existing. Additionally, closing the EIN helps prevent potential fraud by ensuring no open accounts can be exploited.