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You can create a SharePoint Online team site to provide a location where you and your team can work on projects and share information from anywhere on any device. A team site includes a group of related web pages, a default document library for files, lists for data management, and web parts that you can customize to meet your needs.
A SharePoint group allows you and your co-workers entire team to have the same set of permissions to sites and content. Rather than assign permissions to one person at a time, you can use groups to conveniently assign the same permission level to many people at once.