esm is masterfile, can be viewed in geck but not changed. not neccesarely needed to add a esp with it for gameplay. some mod's have only bsa and esm.
however if you want parts of it used in another mod then you can copy/rename them into a new esp.
remember that this esp is always depending on the esm. so if you don't have plans for major changings i suggest to not make parts of it in a esp. it would only result in another mod loaded.