Mirch , from experience I can say its not a good idea to add colleagues and specially boss on your facebook account ...
I have two seperate accounts , one for family and friends and the other for business friends ... in the business account , I try to remain formal and very much away from opening up to the dangerous limit ...
Previouly friends were in the same account and I would be joking around with one of my cousins and the news would be out in the office with colleagues discussing it ...they get to know too much about your private life and thats dangerous and can be used against you at any time.