This was just announced in lj_support here
So I present a re-wording of FAQ 78 - How do I create a community?
To create a community, you will need to have one pre-existing personal account and be logged in under this account (http://www.livejournal.com/login.bml). This account will be the maintainer account and all changes to the community will be made via this account as it is not possible to be logged in as a community.
Proceed to the Create Community page (http://www.livejournal.com/community/create.bml). Here you will need to enter the name of the community you wish to create. This name should not already exist. Use the rest of the page to define the various membership, posting, and moderation settings for the new community (http://www.livejournal.com/support/faqbrowse.bml?faqid=79).
When you have finished selecting your options, click the Create Community button to create the community. For general assistance in maintaining your community once it has been set up, you may wish to see the Community Management FAQs (http://www.livejournal.com/support/faqbrowse.bml?faqcat=comm-manage).
Please pick at this to death, my l337 eff ay kyuu skillz are a little rusty ;)
Other FAQs that need editing in comm-manage:
The link at the top needs to be changed to http://www.livejournal.com/community/create.bml
FAQ 93 will also need to be changed. However I've encountered an issue/bug/glitch/something not right. I've posted about it here if you want details.
Aaaaand, I think that's all that needs to be changed. I think. Maybe. :)