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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 serves as a tax identification number for businesses, similar to a social security number for individuals, and can be obtained by sole proprietors, LLCs, or corporations. When dissolving a business, it’s important to close the EIN to avoid future filings, payments, or taxes, and to prevent potential fraud that could occur if accounts remain open. Doing so ensures a clean closure of business operations.
