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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 serves as a tax identification number, similar to a social security number for individuals, applicable to sole proprietorships, LLCs, and corporations. When closing a business, it's important to address the EIN to avoid future filings, payments, or taxes, ensuring that no obligations persist after the business has ceased operations. Additionally, closing the EIN helps prevent potential fraud that could arise from leaving accounts open.