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In this tutorial, 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 functions as a tax identification number, similar to a Social Security number for individuals, applicable to sole proprietorships, LLCs, and corporations. It is important to properly close your EIN to avoid any future tax filings, payments, or potential fraud associated with an inactive business. By closing your EIN, you can prevent any unauthorized use of your business accounts following its dissolution.
