I'm aware of private users being able to have vanity URLs - I have one. But businesses have to have a large number of fans before they can have a vanity URL for their page. It was reduced to 25 for about a day, but I missed the boat & only heard about that afterwards.
I'm wondering if the other people on this thread are aware of FB's T&C
It sounds a bit wacky because taken literally it means that if someone sets up a business account for their employer they then aren't allowed to have an account themselves.
The above info is taken from http://www.facebook.com/help.php?page=721