As I don't know what the USA rules are for selling cosmetics you may well be fine. In the UK any product that is used dermatologically has to have prior testing via a registered company. Costs about $200. It's one of the reasons we have never sold beeswax lip balms, as start up costs too high.
The FDA only requires you label the package with what it contains (i.e. lip balm), list the ingredients, and label the net weight. As long as you don't make any "medical claims" about the product, that's all you need. So I can't say "for the care of dry and chapped lips" on the tube, because I haven't had that claim tested. This applies to all bath and body products (lotion, soap, lip balm, etc.). Most makeup cosmetics (blush, lipstick, eye shadow, etc.), have additional standards of compliance, since these products have a history of including shady or harmful ingredients like lead. But I don't believe any product testing is required unless a "medical claim" is made.