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Attorney Elizabeth Potts Weinstein discusses the process of closing or canceling an EIN (Employer Identification Number) with the IRS when shutting down a business. An EIN serves as a tax identification number, akin to a social security number for individuals, applicable to various business structures like sole proprietorships, LLCs, or corporations. To properly shut down a business, one should close the EIN to avoid future filings, payments, or taxes that could accrue despite the business's dissolution. Additionally, closing accounts helps mitigate the risk of fraud, as open accounts could lead to misuse.
