I actually have two accounts. I have the premier account for business purposes and I have the private account for smaller transactions which have nothing to do with my regular work.
I used to have a business account to have some privacy when selling things. Business accounts use business names I believe so I could keep buyers from getting my name.
I am a fresher to paypal, so I started with a personal account which is free, I think as time waves I may buy the premier account depending upon my investment.