Yes you can create as many pages as you want. If you are talking about creating a Business Page That's Public and one that's private, I would suggest putting the name in for the private one as (your business name) Private and then go into the private page's settings, and select private. Then just click save and your private page will BE private. Hope this helps!
SOURCE: Trying to create a business facebook page.
What you are talking about is a facebook profile. It is against the Facebook TOS to create profiles (accounts) that are not of real people or to have multiple accounts. However you can create a page which works almost the same as an account (it has a wall, etc) but people become FANs of the page rather than friends. You can run your page from your personal account on facebook and the two will remain distinct (separate).
SOURCE: Is it true if you
You can setup Pages for almost anything using your personal account. When you are logged into your personal account on facebook, look on the left hand column for "Ads and Pages", you may have to click the "more' link to see it. After you click "Ads and Pages" you will see a button to '+ Create Page". Facebook will walk you through the process step by step.
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