Introduction
Your thread must have an introduction and it must be reasonably lengthy. A moderator will not hesitate to delete an unapproved thread if its introduction is deemed skimpy. When writing an introduction, ask yourself: "why am I making this team?" Your introduction should answer that question and you should aim to convince people to join your team.
(giradialkia's edit): PLEASE NOTE: A hack's storyline does not count as an introduction. The introduction is for the team itself; as such, the story of the hack can go in the hack's own thread. So, repeating for emphasis: please don't post a storyline as an introduction, as it will not count.
Also, remember to keep those intros reasonably lengthy. Too skimpy and it won't be approved.
Application form
You must include a form that prospective members will fill out when applying for your team. Possible items on the form include (but are not limited to): Skill(s), Proof of Work, Past Experience, Contact Information, Time Zone, etc.
Current team members
It is required that you include a list of the current members of your team and that you continually update the list. Optionally, you may state the role of each member of the team (scripter, mapper, etc.).
Current Projects
Finally, it is necessary to have a list of the projects that your team is working on. Please include a short paragraph about each project (with story and/or feature details) and, if applicable, a link to the project's thread.