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How does one start a new political party in the US?

I know lots of money and a lot of people that agree with you is needed, but what else does one need to make it a legitimate political party. I want to start a new one called the Common Sense Party, since it seems the major partys we have now don't have any.
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It’s a waste of time until ranked choice voting is universal. Very few people are willing to throw away their vote and potentially help elect a candidate they despise. It’s why the current third parties have almost no support.