S3 Buckets:
Buckets are the main storage container of S3, and contain a grouping of information and have sub name spaces that are similar to folders (but yet are called folders).
Tags can be used to organize buckets (i.e. tag based on application the bucket belongs to).
Each bucket mush have a unique name across ALL of AWS.
Bucket Limitations:
Only 100 buckets can be created in an AWS account at a time.
Bucket ownership cannot be transferred once a bucket is created.