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Ever since Microsoft first outlined its plans to make its new Office available for purchase on a subscription basis, more than a few users have asked what will happen if and when users discontinue their subscriptions.

According to the recent report, In the case of Office 365 Home Premium and Small Business Premium, if you stop paying for those SKUs after a year, you'll have a grace period to figure out what to do with your stored information.

In the case of Home Premium, users will be able to download their saved SkyDrive- and/or locally-saved data, open it with Office Web Apps and read/print it for some set period of time. Microsoft isn't currently specifying how long that will be.

 In the case of Small Business Premium, you'll have some kind of currently-unspecified grace period, as well, when you can access, read and print data stored in SharePoint Online.

Microsoft revealed on today that, Office 365 small business premium is not launching till February 27.

For users who own an Office 365 Home Premium subscription, as the expiration date of that subscription approaches soon, users will receive notifications inside the Office applications and via e-mail to remind/nag users about the approaching expiration date.

Once the subscription expires, the Office apps will enter a "read-only reduced functionality mode." This means users will be able to view or print documents, but won't be able to create any new documents or edit existing documents.

If the users stored documents or created any list of edited documents with Office 365 Home premium in there Sky drives, they still can have back u Users can save SkyDrive documents to another computer or drive at any time, according to Microsoft. With Office 365 Home Premium, users get an additional 20 GB of storage on top of their existing SkyDrive quotas.