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In this video, attorney Elizabeth Potts Weinstein explains the process of closing or canceling your Employer Identification Number (EIN) with the IRS when shutting down your business. An EIN functions like a social security number for businesses, serving as their tax identification number, whether for sole proprietorships, LLCs, or corporations. It's important to close your EIN to avoid future filings, payments, or taxes due even after the business ceases operations. This action also helps prevent potential fraud, as keeping accounts open could lead to unauthorized use.