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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 functions 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. Closing your EIN is important to avoid future filings, payments, or taxes related to a non-existent business, and it also helps prevent potential fraud associated with leaving accounts open.
