Me and a buddy like the idea of the timed challange and its our first jam, I was just wondering how to get ourselves setup as a team. We've both signed up, is there a form or somthing I need to fill out so we are listed as a team or do we just submit the same project?

Once your game is ready you will have to upload it to itchio. Next - add your friend to the project. Then go to the Jam page and submit it.