I'm puzzled about this process. Historically when I've setup an LACP bond on a piece of physical hardware I have to create the analogous setup on the switch. How does this work with a virtual machine (Xen, VMWare, whatever)? How would it be handled if one machine wanted to bond several NICs while others didn't?
In general, you don't do the bonding on a virtual machine, you do it on the hypervisor. You then present the bonded interface to the virtual machines as a single interface.