Q:

What is business renewal?

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Quick Answer

Business renewal generally refers to the renewal of a business’s license. Nearly every jurisdiction requires businesses operating within its borders to have a license, which the jurisdiction issues for a fixed term. At the end of the term, the business must renew the license.

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Full Answer

Some jurisdictions set a fixed date for business license renewal, such as Atlanta, which renews all businesses on January 1st of each year. A business must normally submit a renewal application, a renewal fee and additional documentation, such as proof of citizenship or proof of compliance with specific insurance or municipal requirements. Major cities, such as Atlanta, Chicago and Los Angeles, allow businesses to complete the license renewal process online. A business operating without a license or that fails to renew a license faces fines, penalties and closure.

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