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In this video, 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 serves as a tax identification number for businesses, akin to a social security number for individuals, and can be obtained by various business structures including sole proprietorships, LLCs, and corporations. It is important to close your EIN to avoid future filings, payments, or taxes that could arise even after the business ceases to exist. Additionally, closing your EIN helps to prevent potential fraud from leaving accounts open.