I had someone help me set up one last year. The first step was to establish the business in the State of Ohio. I can't remember everything I did, but I know that the IRS was very helpful to me in filling out the paperwork; I called the number that I found somewhere on the paperwork. Actually, one of them instructed me to fill out one thing incorrectly. However, the agent that approved our status gave me a phone number to reach him, and all I had to do was change what I had done incorrect.
There are two things to think about. If you are going to do this, you want to send it in quickly as otherwise it takes a long time due to tax season. O forget the second thing--oh yes, pay the extra $100 (I think it was that much) to expedite the process. It only took about three months to get our status approved once we mailed it.
I think the $750 is about right. The cost is different depending on how much proceeds you receive. If you have one or two teams, it could be cheaper. If you have an organization, it is more. The $750 included the amount we had to pay to the State of Ohio.