Log into your account, and go to the help section. Search for 'change business name', and it should be the first option. You can also try this link. It may not work if you're not in the us... https://www.paypal.com/us/wf/f=ap_namechg
You can have one Business account and one Personal paypal account but cannot hold two paypal business account, never try this, they will limit both of your accounts. If the business name is to be changed only way is to give the required documents to paypal they will change it. The difference between Business and premier account is Business account will have multiple login's and can process credit cards, premier will have only one login and it can also process credit cards. Normally premier accounts are for the individuals who want to accept amount from credit cards, business account is for general purpose business.
Follow this guide : http://www.ehow.com/how_2108813_change-business-name-paypal-account.html - Dynashox -
You can try calling PayPal to their Toll Free No. (its on their site when you go to contact page and go to the next page) They can help you very well if you explain the situation to them.