You will need the Limited Write Contributions permission to perform this action.
Navigate to the business, Contacts > Businesses tab.
Then select the business, and choose "Edit profile" from the "Actions" menu in the upper right.
A pop up will appear with the following fields, among others:
Name - the name of the business
Description - a description of the business
Address - the address for the business
When finished updating the fields, click on "Save."