Starting a Local E-commerce Site: What Legal Steps Should We Take First?

Hi Friends, Need your guidance on some legal formalities. We (3 partners) are opening a small e-commerce site, which will operate locally in a small area. I wanted to know how I should go about opening the bank account and forming the shop act/company. I have the following questions:

1. Should we just do the shop act and start operating the business?
2. Is LLP formation required for a small setup?
3. What are the steps and websites that can help in knowing which documents are required for doing the shop act?

Regards, Suresh

Will only Shop Act work?

Also, we do not have any office place. We will operate from our homes.