Can someone answer whether or not paypal for a company should be set up under just one person and any legal issues that might arise from anything like this?

I think it should be set up by Da-CEO :D

If you have a company credit card in the company name then you should be able to set-up your paypal account in the company name - I think.

I can't think of any legal issues that might arise from that. As long as you own the company. I think it would be alright. But customers may prefer the account be under your business name.

I agree. There is really no issues that I can think of, from doing that.

However, as Asverse stated, your customers will feel more comfortable if it was under your business name rather than an individual's name.

especially when the name will be shown on their credit card statement. it'll probably look better with your company name.

i agree with them when using paypal for a company it always looks better to have the paypal name in your companys name.

Company name would be the preferred choice but it won't hurt ( as far as legalities are concerened ), even if it's in your name as long as you own the company. (IMHO, I might be wrong)

there's nothing wrong with it being in your name if you own the company but i think it just looks better to be in the business name.

Also, have you considered a merchant account? Or do you plan to accept PayPal alone (I highly advise against it).