Is thair eney thing leggle about starting a passenger VA?
Yes and no.
Many virtual airlines have tried to start up with names like virtual Delta, and virtual American Airlines.
This is quite dangerous. Often times, the real world airline will be quite angry at your use of their name, logos, and the like without their permission. This can lead to some rather strongly worded letters asking that you stop doing so immediately, which leaves your pilots out there flying for an airline with no name.
Very, very rarely, an airline will let you use their name and likeness. It's not common at all, but it's also not impossible. (If you look at Austrian Virtual, not only did Austrian let them use their logos, but they hosted the virtual airline's website for them. Incredibly rare. So rare that I can't think of another instance of it happening.)
Personally, I'd much rather use my own name, that way I'm free to do pretty much whatever I want with it. (And keep in mind that I'm a former Continental employee in the real world, and I still wouldn't use a real name. lol)
You've got much more freedom in picking your own name, which results in more fun. And after all, isn't that what we're trying to simulate?