PAYPAL: What's the advantage of having a premier account? What are initial limits?

[boogiewoogie]

I'm relatively new to this and am in need of educating of paypal. Why do I have to upgrade my personal account to a premier account to lift the initial limits?

I'm also in the middle of verifying my bank account as well

I got a business account. It's free- do you have to pay for a premier account?