To your question the answer is 'Yes', rather you can have two accounts, one a personal adsense account and the other a business adsense account. Remember the business account checks do come in the name of business and not in your personal name, so you need to have a business account with you bank.
to be 100% correct you can have many account, one personal and an unlimited amount of businesses. You can create 100 businesses and have one adsense account for each. Also, another way is to open adsense accounts in the name of people and manage their adsense account. They'll get the money, you can tell them to keep 10% and forward you the rest. They will have to respond of their earnings to the taxman, but in some countries that is not a problem due to corruption and lack of government enforcement of taxes. But better keep the amount they receive yearly quite low, so multiply the number of people. It's not against google's rules to manage adsense accounts for other people. I'm sure you from india and other non western countries all know that much, it's very common for users from those countries to open adsense accounts for the whole family. The problem is when they do that because they keep on getting banned from adsense, in that case all accounts you manage will be at risk to be banned. This works only if when I say you manage other people's accounts, you're really managing them, that is putting adsense on correct websites and not doing anything that can lead to an adsense ban.