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Collaboration Between Different Office 365 Accounts

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I am a new user trying to learn more about Office 365. I am trying the E3 service package.

 

If two consultants/companies each have their own separate accounts for Office 365, can the two share and work on documents in real-time?

  
For example Consultant A and Consultant B normally work independently and each has its own Office 365 account. However, for a specific project, they decide to team up together. Can they share and edit documents in real-time?

 

Do documents have to be stored using Sharepoint? I have heard mention of SkyDrive. I am aware of SkyDrive for Hotmail. Does it also exist in some form in Office 365?

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