Creating an account is where user can see their payment info, membership level info etc. Profile is what friends and others will see depending on users preference. The signing up part should be on the account side leaving the profile part to personalize either at that time or later on. "Create an account" should be followed by "Now personalize your profile to what you want your friends and others to see". Most users are used to creating an account and THEN updating their profile. Most social networks/dating profiles have that two step process.