I am no expert on FDA requirements, but here goes:
1) All ingredients in all cosmetics must be listed in order of greatest to smallest qty. Once you get down to ingredients that are 2% or less they no longer have to be in order.
2) Ingredients must be listed by their formal INCI names
http://en.wikipedia.org/wiki/International_Nomenclature_of_Cosmetic_Ingredients#Table
3) If you make any sort of medical claim it stops being a cosmetic & becomes a drug. EX) We all make our lip balm to soothe dry lips. Most everyone buys it to soothe dry lips, it's an *understanding*, just do not state that on the label. People do *get around* it by saying things like "for millions of years people have used ingredient X to heal dry lips, now I am offering the same product in a tube, etc etc" or "Many studies show the use of ingredient X to be an excellent soother for your lip, etc, etc" It's all side stepping. You just can't say my lip balm will heal your lips, you are no Dr. & your lip balm is not a drug.
4) If you use the word edible it stops being a cosmetic & becomes a consumable product & you will need food handling license & what not, EX) do not label an item edible massage oil, use the term flavored massage oil.
5) All products must have your full business name & full mailing adrress on the label unless you can be looked up in the phone book. Ivory Soap Co Boston MA.
6) All products must have a disclaimer similar to *The safty of this product has not been determined by the FDA Discontinue use if irritation or redness occurs. "
7) You must list directions for use of product.
That will get you started but I suggest you read the FDA website on cosmetics & see what you get out of it. It's not a black & white, cut & dry website.
The above is just my interpertation of what I have read on the site & picked up over the years.