Apart from a higher Withdrawal limit, what are the other benefits/disadvantages of a business account over a personal one?
It's fairly common for banks to have EFT limits on personal accounts, or they charge after a certain amount of EFT's. A business account should have unlimited or a much higher limit. Also, it's generally a good idea to use a business account just to keep your finances separate. it makes bookkeeping almost impossible when you have personal charges and business charges all coming out of the same account.
By right, you will need a business or premier account if you are using your paypal account for business. If you only use it on a personal basis, ie use it for personal spending then the personal account is for you. The core benefit of a business account over a personal account is that you can use it if you are selling anything with your paypal account. A Personal account is not made for you to selling anything and receiving payment from the sales. The business account would be apt if you have a registered business with a bank account under your business name. Otherwise, you will need a premier account if you do not have a registered business.