Template renewal/update

I currently have the Business template on my Joomla site. Unfortunately, my membership expired. I am happy to renew but have a few questions. 

Do I need to start a new membership as it says - or can I just renew by clicking on the renew button?

What is the latest version of the Business template. I currently have Version 1.0.0 (April 2022). 

How will the update effect my website?

Thanks.

Hello,

You can renew your membership by clicking the Renew button. With active membership, you have access to downloads and support. We are upgrading Joomla templates with each major Joomla version. Last time, all templates were upgraded with the release of Joomla 5. So, in order to upgrade Joomla, you may need updated template files. If you are happy with your current site, don't need to upgrade Joomla, and don't need our support, you don't have to renew.

Regards,
Milos