One of the difficulties about social media is separating professional marketing from your personal life updates. There is a big difference between showcasing your personality through social media marketing, and posting updates about your dog farting (talk about immature). Some bleed-through is ok, but not to that extent.
Create separate friend lists
Being the ignoramus that I am, I had no idea you could create different friends lists in Facebook. If you have decided to befriend your boss on Facebook, now is a good time to create two separate lists—personal friends and work contacts.
Of course, you could just take the high road and refrain from ever posting pictures of yourself wasted. In other words, keep your posts relatively tame, and it does matter who sees them.
That aside, I still think it makes sense to have two separate lists. For example, once or twice a week, I post links to my Lawyerist posts on my Facebook page. I am fairly certain that, except for professional contacts, my friends are not very interested in social media marketing.
Twitter will also allow you to create two distinct lists, so that you can separate feeds from your friends, versus feeds from professional contacts.
Use different social media accounts
For the most part, I decided to keep Facebook for personal stuff, and Twitter account for business purposes. Occasionally, as a I noted above, I will promote things on both. For the most part, however, I try and avoid business-y posts on Facebook.
This approach, however, assumes that you can be equally successful doing business marketing on either Facebook or Twitter. It is easy for me, because professional contacts find me on Twitter, whereas mostly people from high school find me on Facebook.
How you organize your accounts is up to you, but make sure that you are reaching the right audiences with your content.