[Covenant] Baptism and Receiving the Gift of the Holy Ghost [Action required] Sincere repentance; take upon the name of Christ; serve Him and keep his commandments; be willing to bear others' burdens, mourn with those who mourn, and comfort those who stand in need of comfort; stand as a witness of Jesus in all times and in all places; always remember Him [Promised blessings] Sins are forgiven; presence of the Holy Ghost; come forth in first resurrection; receive eternal life [Formal or Informal] 
Formal: Baptism by immersion; Gift of the Holy Ghost by the laying on of hands