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In this video tutorial, the speaker discusses the procedures for changing the responsible party for an entity after filing an EIN application. The responsible party is a natural person who owns and controls the company, according to IRS definitions. They must have control over or entitlement to the funds and assets of the entity, enabling them to manage or direct its affairs. Essentially, the responsible party is the beneficial owner who controls the company, such as a 100% owner of an LLC or corporation.