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Attorney Elizabeth Potts Weinstein discusses the process of closing or canceling an Employer Identification Number (EIN) with the IRS when shutting down a business. The EIN serves as a tax identification number, comparable to a social security number for individuals, and can be obtained as a sole proprietorship, LLC, or corporation. It’s important to close the EIN to avoid future tax filings, payments, or liabilities after the business ceases to exist. Additionally, closing the EIN helps prevent potential fraud, as leaving accounts open could allow unauthorized access or misuse. Ensuring all accounts are closed is a crucial step in the business dissolution process.
