which type of account to be open???????

I don't think you will need a business account unless you are going to do a lot of business with PayPal and this account is very expensive otherwise. There was no personal account available when I was opening my account so I opted for the Premier account. Read through them and see which one suites your needs best.

you can just apply for paypal personal account.i am using that.personal account is free.but if you apply for premier or business you need to pay fees every month which is quite expensive.you do not need business account.it is only for business man and sellers which sell things on ebay.if you are from non-US country you cannot withdraw the money into your local banks.so there is no use of opening premier account.so i suggest you just use the money you will receive from mylot to buy things in ebay.at least you will get something rather than watching your money is stuck in paypal.it is better you get your paypal account verified.you just need to add debit card if you do not have credit card.just apply one from your local banks.then enter the 3 digit number at the back of the card in order to get verified.you must enroll for expanded use program.it will remove the limit od sending USD100 only,.they will deduct USD1.95 from your debit card balance.but once you buy things in ebay and pay with your paypal they will credit back the USD1.95 back to your account.i am from non-us country but my paypal is verified.just follow my advice and you will be ok

I don't think it matters which one you use, I think any of them work for mylot. I guess mine is just a personal account.