Keeping up with business licensing requirements

When should you update your business license?

Not only do licenses need to be updated prior to their expiring, they also need to be updated any time there is a change in information regarding your licenses such as:

• Changes to business ownership: If there is a change in the ownership structure of your business, such as a sale or transfer of ownership, you may need to update your business license.
• Changes to business name: If you change your business name or adopt an assumed business name, you will need to update your business license.
• Changes to business location: If you move your business to a new location, you may need to obtain a new business license or update your existing license with the new address.
• Changes to business activities: If you add or change the types of products or services you offer, you may need to update your business license.
• Changes to business structure: If you change the legal structure of your business, such as from a sole proprietorship to an LLC or corporation, you may need to obtain a new business license or update your existing license.
• Expiration of license: If your business license has expired, you will need to either reinstate it or file for a new license in order to continue operating your business legally.
• Changes to responsible party:If your license is filed with a regulatory board or department such as construction or insurance and your responsible party changes, you will need to update your existing license.

See our related article: My business license is expired. What do I do?

General steps to business license renewal:

The specific steps to renew a business license may vary depending on your location and the type of license you have, but here are some general steps that may apply:

• Determine when your licenses expire: Check the expiration date of your current business license to ensure you have enough time to renew before it expires.
• Review the renewal requirements: Check with your local government agency or department to find out what documents or information is required to renew your license. This may include providing updated business information, proof of insurance, or additional permits.
• Complete and submit the renewal application: Fill out the renewal application and provide any necessary documents or information. Some local governments may allow you to renew online, while others may require an in-person or mailed application.
• Pay the renewal fee: There is usually a fee associated with renewing your business license. Be sure to pay the fee in full and on time to avoid any late fees or penalties.
• Wait for processing: Once you have submitted your renewal application and payment, wait for your application to be reviewed and approved by the relevant government agency.
• Receive your renewed license: If your renewal is approved, you will receive a new license with an updated expiration date. Keep the license in a safe place and make sure to display it prominently.

It's important to note that renewal requirements and deadlines can vary depending on your location and industry. Licensing authorities change their renewal rules, forms and processes on a regular basis.  Make sure that your contact information (e.g. contact name, email address, corporate office address) is up-to-date with the authority so that you can receive timely updates on any regulatory process changes.  Staying informed of any changes or updates to the renewal process will ensure that you can renew your business license on time and continue operating your business legally.

For more information, read the related article: The six steps of business license compliance

CT Corporation can help

Outsourcing business license research, applications, management, and renewals can help you take the pressure off internal resources. By working with a full-service management provider who specializes in the efficient processing of business licenses, permits, and registrations, you can free up your time to focus on growing your business while ensuring you keep up with changing compliance requirements.

Learn more

Business license management is challenging. It can be confusing to understand exactly what type of license you need, how to register your business, and when and how to renew a license. CT Corporation is here to help.

For more information on CT Corporation services and how we can streamline your business licensing, contact a CT Corporation business license specialist.