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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 for various business structures, including sole proprietorships, LLCs, and corporations. It is important to close your EIN to avoid unnecessary filings, payments, or taxes associated with a non-existent business. Additionally, closing the EIN helps prevent potential fraud, as open accounts may lead to unauthorized use. Handling your EIN properly is an essential step in responsibly shutting down your business operations.