Team
There are two aspects of a team which can be controlled while creating a team -
Shared vs Non Shared
A shared team is the one where any asset (e.g. site, frame etc) created by any team member is visible to all the members of the team.
E.g. as a small startup/agency etc, you can create two teams - Employees and Customers. Here you may choose Shared for Employees team while non shared must be selected for the Customers team.
Managed vs Unmanaged
A team can be either managed or unmanaged. An unmanaged team will have some restriction (e.g. can't register its own frames etc) imposed on it and will inherit certain things (e.g. frames) from its parent (unmanaged) team.
If you tag a team as managed then you will need to select an unmanaged team which will be managing this team.
E.g you can create teams - Developers and Customers. Now you can declare Developers team as unmanaged while Customers team can be defined as managed (by Developers Team). Now whatever assets (e.g. Frames, Components, External Pages etc) will be registered in the Developers team will be visible in the Customers team but members of the Customer team will not be able to define or edit the assets inherited from its parent team.
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