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Attorney Elizabeth Potts Weinstein discusses the importance of closing or canceling your Employer Identification Number (EIN) with the IRS when shutting down a business. An EIN, often considered the business equivalent of a social security number, serves as a tax identification number for entities like sole proprietorships, LLCs, or corporations. When closing a business, it's crucial to formally close the EIN to avoid any future filings, payments, or taxes associated with the non-existent business. Additionally, closing the EIN helps prevent potential fraud that could arise from leaving open accounts and identification numbers.