Using or keeping a profile on Facebook for other purposes(other than a personal profile) like Promoting your or a Business or a cause is against Facebook terms of Services and Facebook may take action against those profiles however you can use Facebook pages to do so.
However considering the widely shared message on Facebook,
1.The first thing is that Facebook is closing accounts that Business in their View,yes facebook can close profiles that are so but didn't saw anywhere that Facebook is doing so in Mass at the moment.
2.Second is that you should have your Actual Name,yes you should have your actual name in your profile as per the Facebook terms of Services not doing so is against the TOS and Facebook may take action against your profile.
3.Third is that you are not allowed to run a Business or sell from your profile,yes you can;t use your personal profile for commercial uses use facebook pages for that.
In all the circulating message is true,except that Facebook is taking action against profiles in Mass however they can do so.