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In this tutorial, 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 like a social security number for businesses, serving as their tax identification number, whether for a sole proprietorship, LLC, or corporation. To properly close your business, it's essential to cancel your EIN to avoid future filings, payments, or taxes that may arise after the business ceases to exist. Additionally, closing your EIN helps prevent potential fraud by eliminating open accounts that could be exploited.
