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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, akin to a social security number for individuals, serves as the tax identification number for businesses, whether they are sole proprietorships, LLCs, or corporations. Closing the EIN is important to avoid future filings, payments, or taxes due after the business has ceased operations, and it also helps prevent potential fraud by ensuring no open accounts remain. It's a crucial step in the business dissolution process to ensure everything is properly closed out.
