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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 a business. An EIN acts 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. Closing your EIN is important to avoid future filings, payments, or taxes related to a non-existent business and to mitigate the risk of fraud from having open accounts. Taking this step ensures that your business is fully closed and protects you from potential identity theft or fraudulent activities.
