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Office Home Premium is specifically licensed for home use. Not for business use (and not for Home Business use)
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Home premium can be used for 1-5 PCs. &nbsp;So if your business has more than 5 PCs, you must use Office 365 Small Business.<br />
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(Note: Microsoft is not very clear here.)
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Say,<br />
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Is Office 365 Home Premium permitted to be used on a PC that is operating in a business environment OR is this permitted only on a privately owned PC?
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Say,

Is Office 365 Home Premium permitted to be used on a PC that is operating in a business environment OR is this permitted only on a privately owned PC?

Office Home Premium is specifically licensed for home use. Not for business use (and not for Home Business use)

Home premium can be used for 1-5 PCs.  So if your business has more than 5 PCs, you must use Office 365 Small Business.

(Note: Microsoft is not very clear here.)

Office 365 Home Premium License Scope

Office 365 is a group of software plus services subscriptions that provides productivity software and related services to its subscribers. Office 365 allows the use of Microsoft Office apps on Windows and OS X, provides storage space on Microsoft's cloud storage service OneDrive, and grants 60 Skype minutes per month. Office 365 includes e-mail and social networking services through hosted versions of Exchange Server, Skype for Business Server, SharePoint and Office Online, integration with Yammer, as well as access to the Office software. All of Office 365's components can be managed and configured through an online portal; users can be added manually, imported from a CSV file, or Office 365 can be set up for single sign-on with a local Active Directory using Active Directory Federation Services.

Microsoft 365

The Microsoft Legacy Operating System topic includes legacy versions of Microsoft operating systems prior to Windows 2000: All versions of MS-DOS and other versions developed for specific manufacturers and Windows 3/3.1, Windows 95 and Windows 98, plus any other Windows-related versions, and Windows Mobile.

Microsoft Legacy OS

An office suite is a collection of bundled productivity software (a software suite) intended to be used by knowledge workers. The components are generally distributed together, have a consistent user interface and usually can interact with each other, sometimes in ways that the operating system would not normally allow. Most contain a word processor, a spreadsheet, an email client and presentation software; some might contain a database program. Several office suites have their own topics: Microsoft Office, Office 365, LibreOffice (also known as OpenOffice), Lotus IBM and Google Apps.