Through several hours of R&D, what I have understood is that the concept of a "team" is the same as a "workspace" (i.e. a workspace IS a team). And there is a one to one relationship between a license and a team. This means that whenever you create a team, you need to purchase a new license for it (if you want more features than what the free license allows).
An "account" however refers to globally unique Atlassian cloud account, which can belong to an individual or a company and is identified by an email for uniqueness.
So to summarize, a person having credentials for an "account" can create one or more "teams", but for each team, the non-free licenses will need to be purchased separately.
Considering the above, what I actually need is to become the administrator of my company's team, and not create a new team.
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