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Yep, you have to go through internal transfer. It's a pain. Business is very popular to switch into, so the requirements to transfer are higher (gpa and required courses) and less people get accepted even if they have good stats. Moreover, it's harder to fit in all the required freshman business courses later on, whereas CAS majors (like Bio) are more flexible. If you're in business and want to switch to biology, you pretty much just fill out a form and you're in.
On the other hand, if you select business, you may not have a chance to take and experience biology courses. So if you decide you don't want business, you might also decide later on that you don't really like biology, which makes it harder to graduate.
I would recommend REALLY thinking out both majors. The business degree here is very broad, covering marketing, finance, accounting, human resources... a lot of stuff. You only take four extra classes in your intended concentration. So don't think you are getting a finance degree-- you are getting a business degree and taking four extra classes in finance. Also if you are certain you want an MBA, it's not required to get a business degree. In fact, I spoke to advisors in the business school when I was dealing with the internal transfer process and they said that often graduate business schools prefer candidates who DON'T have a business degree (just like law schools like students who weren't pre-law).
Biology is a hard science (as opposed to a soft science). You have to be pretty interested in biology to deal with some of the classes you have to take, else you'll rebell and probably fail out of them. Look up jobs for bio majors or send an email to one of the bio advisors and talk to them about what you feel about the major.
I know you already put down biology, but I wanted to say this just because if you change your mind before school starts, the earlier you transfer the better. It is very difficult to transfer in your third year, and is often impossible in some majors.
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