Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Installing using your email account means that you "own" and control it on all machines. The others may be able to run it, but you will own it. You have only the 1 x 1TB onedrive space allocation and 1 x 60minutes per month skype time.
If you "share" your Office 365 Home license with those other people they also get a separate 1TB allocation of OneDrive space and a separate allocation of 60 minutes of "Free" skype time each month. They have control over what computer(s) they have installed Office on. They still have their separate Outlook email account.