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I don't have any hard stats to back me up, but it has been reported in the past that free hosting sites are given somewhat of a penalty in serps when compared to regular domains.
Besides the ranking issue, AV has been know to ban entire blocks of IP address which could get you in trouble if you're using free hosting or virtual hosting.
All in all, if your serious about your e-business, I would seriously consider buying your own domain and hosting it on it's own IP.