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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 serves as a tax identification number for a business, similar to a social security number for individuals. It is essential to close your EIN to avoid future filings, payments, or tax obligations after the business ceases to exist. Closing the EIN also helps prevent potential fraud, as leaving accounts open could allow someone to misuse them. Overall, addressing your EIN is a crucial step when dissolving your business.