• ProjectFileAndDirectoryLayout

The directory structure of your project should probably look something like this:

my-project/
    README.txt       -- including list of contributors would be
                        nice.
    CHANGES.txt      -- including dates in addition to version
                        numbers here would be informative.
    LICENSE.txt
    setup.py
    bin/             -- standalone scripts that this distribution provides
    my-project/      -- the source for your project goes here
        __init__.py
        my-stuff.py
    doc/
    test/

The packaging chapter of Dive Into Python 3 has some useful information.