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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 serves as a tax identification number, similar to a social security number for individuals, and is essential for various business structures, including sole proprietorships, LLCs, and corporations. As you conclude your business activities, it’s important to properly close your EIN to avoid future tax filings, payments, or potential fraud that could arise from keeping accounts active. Closing your EIN can help ensure that you have no outstanding obligations after your business ceases to exist.
