Help with NIC teaming on server

Hi,
I’m trying to understand how NIC teaming can be setup on our HP DL380 server. ( the server has two NICs).
We are currently only utilising one NIC. I want to setup teaming for load balancing.

Do both cards need individual IP addresses before a team can be created ?
Or can the IP from existing NIC be used to setup the teaming and assign that IP to the virtual NIC that is create for the team ?

Appreciate any info.
regards