Question: Hi I'm considering between the 'standard individual' or 'standard company' program both for $99.

My question is, in order for me to open the business program do I need to have the
business registered legally (corp, LLC, etc?) or can I just put any business name
i.e "sweet potato studios" or something and I'm good to go? (sorry for my ignorance)
I'd ofcourse rather have a business name than a real name appearing in the app store, but on the other hand I don't want to go through the headache of opening an LLC or whatever. not yet anyway.

Answer: 
I think you need to prove your company is legit i.e. some sort of official government recognition in your country such as company or business number. Why not just register as an individual for now, then setup a company and register again when you have something ready for the app store?
IANAL but i think you have to register "sweet potato studios" as a business entity in your city (for taxes). As an individual, you'll pay the taxes under your name.