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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 your business. An EIN serves as a tax identification number for businesses, similar to a social security number for individuals, and can be obtained by sole proprietorships, LLCs, or corporations. She emphasizes the importance of closing the EIN to avoid future filings, tax payments, or potential fraud associated with leaving accounts open. Closing the EIN helps ensure that you do not have ongoing obligations or risks after the business has ceased operations.