You will need the Limited Write Financial permission to perform this action.
Navigate to the business, Contacts > Businesses tab > View Button.
Then select "Edit business" from the "Actions" menu in the upper right.
A pop up will appear with the following fields
Name - the name of the business
Description - a description for the business
Status - the status of the business. You can use the drop down menu to the right to add, edit, and delete statuses.
Address - the address for the business
When you finish updating the fields, click on "Save" to save your changes.