Microsoft Office Live Small Business, a suite of online tools aimed squarely at the small business, went live today with a pretty significant upgrade to the already powerful tool.

Office Live allows you to easily create and host a website as well as manage contacts, schedule meetings, share documents and projects and integrate online ads from MS adManager all online, all with one username. The services come in three flavors and prices, but a great deal can be had for free.

Today they added several new features including Store Manager, an e-commerce tool to help small businesses easily sell products on their own Web site and on eBay; and E-mail Marketing beta, to make sending e-mail newsletters and promotions simple and affordable

Perhaps most significant for some potential users is support for the Firefox browser. This makes the service available to Mac users as well as the growing number of PC users that rely of Firefox.

This offering merits a good hard look, even if you’re already online.

In an increasingly related note, Yahoo announced unlimited storage and hosting for it’s small business web hosting accounts for $11.95/mo.

Disclaimer: I am participating in a round of workshops aimed at women entrepreneurs this spring. The workshops are hosted by Office Live Small Business.