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In this video, 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 a business, akin 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, even after the business ceases to exist. Additionally, closing the EIN helps prevent potential fraud that could occur if accounts remain open and accessible.