ANSWERS: 2
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You do not have to have two accounts if only one is going to be logged in at a time, otherwise you need two accounts.
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this depends on a few things; certain games like halo3 wont allow you to play all game types if you have player 2 signed in as "guest" and to avoid this, 2 accounts would be needed. the good thing is though, that if you wanted to get him his own xbox down the road, you can transfer his account to the new xbox with the "recover gamertag" feature.
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