Such a subspace $M$ is called "complemented"
If $M$ is a closed subspace of $X$, and there exists another closed subspace $N$ such that $X = M \oplus N$, then $N$ is isomorphic to $X/M$. [Here, I mean that the map $M \oplus N \to X$ defined by $(m,n) \mapsto m+n$ is a homeomorphism from $M \oplus N$ onto $X$. The topology in $M \oplus N$ is the Cartesian product topology.]
Not all subspaces in a Banach space are complemented, but many common ones are. Of course in Hilbert space, every subspace is complemented. Also: finite-dimensional subspaces are complemented.
An example of a subspace that is not complemented: $c_0 \subset l^\infty$ is not compemented.
More difficult to prove, but true: if $X$ is a Banach space and every closed subspace is complemented, then $X$ is isomorphic to a Hilbert space.