Is it possible two set up two separate folders, one for personal email and one for business email? If so, how do I do it? Thanks

Welcome to the forums.
This topic has been discussed before. Take a look here:
BES Users FAQ - BlackBerryFAQ

All mail goes to the single messages folder and to a folder for each account. Just the way the BB works. Delete ion one place, it is gone from all.

Do a search on a 3rd party application called Empower. I think that can separate it.