I did an online chat with MS Sales and confirmed that "commercial use" is not permitted when using MS Office 365 Home -- which would have cost $99.99/year for me and my wife using it on our two laptops (up to 5 computers permitted), 2 iPads and 2 iPhones.
Microsoft advises my best alternative would be "Office 365 Small Business Premium ...which remains a great option for businesses, with plans designed for companies of all sizes, from individual consultants to enterprises. New for this release is Office 365 Small Business Premium, which is designed for businesses with 1 to 10 employees". One user is $150/year, two = $300.00/year. And to add insult the user reviews onsite give the software a 2.8 (out of 5) and most reviewers mentioned it being way too difficult to install and on and on.
I guess I'll have to stick to the tried and true buying a new version of Office in a box at Staples or Amazon.