When I am ready to renew the license, though, what information will I need to have with me at that time?
When you are ready to renew your license, which you must do between 30 and 60 days before your original license will expire, you will need your Driving School Renewal Application form MV-522, Proof of Workers' Compensation form C-105 or U-26.3 and Disability Benefits Insurance Coverage form CE-200 along with payment for the license fee in the form of a check or money order payable to Commissioner of Motor Vehicles.   You must also know that if your school will use vehicles for instruction you must attach a List of Driving School Vehicles for MV-527 and if your school provides the Pre-licensing Course you must also attach a Signature Authorization List - Pre-Licensing Course form MV-278.6.
Can you tell me what would happen if I would accidentally be late in renewing the license for my driving school?
If you would be late, you must then immediately stop operation of the business completely.  You are considered not licensed to operate if your license expires.  Any services that you provide through your school license including Instructor Certificates, account to DMV's online road test appointment scheduling system, and authorization to order Pre-Licensing Course Completion Certificates will be terminated.  Until you correct the situation and have your new license issued, your instructors will not be able to teach for your school and your school will be unable to provide lessons to customers, teach the Pre-licensing Course, schedule road tests or bring customers to a road test.