If the same legal entity is continuing (for example a rebrand or name change), you can update the business details, tax info, bank, and card in the existing account, but expect a fresh KYC review (sometimes video) and temporary selling holds until Amazon re-verifies everything.
So, change one major item at a time and keep names and addresses perfectly consistent across documents. If it’s a different company (new legal entity) taking over, do not repurpose the old account because Amazon accounts aren’t transferable; instead, open a new Seller Central for the new company and, if the old account must remain live during the transition, request permission to operate multiple accounts, then wind down and close the old one once inventory and liabilities are cleared.
If someone is leaving a company they don’t own, the selling account belongs to that company, so they should not change it to their new business; they should create their own new account and keep the two completely separate (emails, bank accounts, charge cards, tax IDs, inventory, devices), while transparently disclosing the business need if they request multiple accounts.
Many sellers have successfully changed names within the same entity with only a short re-verification delay, while those who tried to swap to a different company inside the same account often triggered Section 3 or indefinite verification, so pick the path that matches the legal reality and document it thoroughly.