Questions about PayPal, and other pre-business questions

For quite a while now I’ve been researching starting a web hosting business. I’m planning on starting with a reseller account, probably with Innohosting.

But, before I can get started, I need to figure out what I need to do beforehand. The first thing I can think of is setting up a PayPal account. I already have a Personal account, but obviously I’d rather use a separate Business account for receiving payments. It’s required that every PayPal account is linked to a different bank account, so I’d need to set up a new bank account as well. But I don’t know if I need a business account at my bank or if a standard account will work, because it’s required that my name registered with PayPal matches that on my bank account. When registering for a PayPal account, you enter your business name as well as the business owner name (my name). I don’t know which one can be matched to my bank account.

I’m not 100% sure (I have a contact at my bank I need to set up a meeting with about this), but it might be required by my government that my business name is registered to use it with my bank account as a business account. Can anyone from Canada (specifically, Ontario) confirm this?

I’m only working part-time 4 days a week, 4 hours a day so I don’t have a lot of money to spend on registering a business name, or paying for an expensive business account at my bank. I do want to use a Paypal Business account, though. How do you guys have your Paypal accounts set up? And is there anything beyond that that I need to do before purchasing my reseller plan and domain?

Thanks.

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