First question: What does your resume say if you are not changing your profile?
I would ensure that the resume reflects your current working/non-working status unless you have left in the last week or so.
Second question: Why are you no longer with the company? Being terminated for cause would be the only reason I could see NOT to include it on either the resume or the profile.
I would be cautious about leaving something up there for very long, especially if you have the "looking for work" banner turned on. That is because where I live, it is an environment and culture where "everybody knows somebody" who you either know or work with. Being let go, unless it was for something illegal, is generally explainable, especially if you have references to back you up. Companies are laying off. People get let go daily because they are not a good fit for the job or are burned out. An explanation of I am looking for something that is a better fit for my career goals of ... is generally all that is needed.
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