1. If you register the business and get an EIN they will want a business name. That is the name that you will be doing business under. that is up to you and you only. It will be a name that will be used on all your banking needs, rental agreements, mortgages, legal paperwork, business cards, etc. Its not easy to change so pick something you will use and use for a long time.
At this time paypal only checks the business name and start date of the business. I can assure you that will change if it hasnt already depending on what you sell, etc. As soon as it gets abuses which I feel it is now, they will surely request more info from you.
2. The type of business you need is something you need to discuss with a small business Attorney AND a tax professional to get together a business plan. (NOT HR block type businesses) Many colleges have small business start-up help programs. They are cheap and free in some cases. If you dont do that then you probably are not serious enough to be a real business, you have to decide from several different business options because one may have much better benefits compare to the next type. Choosing the wrong business type (DBA, sole Prop, Corp, LLC,etc) can do much more damage than you want to deal with.
3. You just need to talk to a professional to get this stuff straight. Sounds like you just want a fast fix. If so then just open more stealth accounts and spread your sales. You are wanting someone to make VERY serious business decisions for you and that is waaaaaaaay wrong..
I know all that sounds complicated but being a legit business is. Do it wrong and you will be bankrupt shortly.. seen it many times.
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KingRay | 
