A small UA must be registered, as provided for in 14 CFR part 47 or part 48 prior to operating under part 107. Part 48 is the regulation that establishes the streamlined online registration option for sUAS that will be operated only within the territorial limits of the United States.
Guidance regarding sUAS registration and marking may be found at
http://www.faa.gov/licenses_certificates/aircraft_certification/aircraft_registry/.
Alternatively, sUAS can elect to register under part 47 in the same manner as manned aircraft.