Here are the steps on how to create and share a folder using OneDrive.

1.  Open Onedrive.

2.  Create a folder in OneDrive.  You can also create and share a single file (Word file, Excel file, etc.).

3. Select the newly created folder and press the "Share" button.

4.  Locate the person you want to share the folder with then type in an optional message. Press the "Send" button and an email will be sent to the person that you specified.  This will give the person Contributor access so that he/she can modify existing files or add new files to the folder.   

5.  The person you shared the folder with receives an email like you see below:

6.  If you need to revoke shared access or access other advanced options, select the folder and choose the "Manage access" link.