I have a personal account that I use with Paypal but I want to open up a biz account with them for Internet Marketing. Can I simply make up a biz name to put on my account or does it have to actually be a registered business, as if I'm a LLC or corporation? Also, if I'm purchasing something by someone who's reputation I do not know on the web, should I be concerned about using my personal account which has my real name on it?
With a business account in Paypal, the name on the account needs to match the name on the bank account the withdrawals will be made to. If you just make up a name, you're going to struggle to be able to withdraw. I didnt realise this and upgraded my account to a business one, I had to call paypal and get it downgraded.
You will indeed need to match the business name exactly as in your business registration or incorporation certificate and your bank account otherwise it would be concerned as mispresentation or providing fake information.