Choosing a business type one-time decision when you create a Wave business. Wave uses this information during the setup process only to determine which income and expense accounts to create. Once your account is created, the business type can't be changed, but it doesn't impact what actions you can take in Wave.
If you want to change your business type to update your list of income and expense accounts, you can add or delete accounts at any time instead.
If your business structure has changed, follow the steps in What to do when your business structure changes.