You might also find your answer in the LastPass Enterprise Manual.
What is a Shared Folder?
A ‘shared folder’ is a special folder in your vault that you can use to securely and easily share sites and notes with other people in your enterprise account. Changes to the shared folder are synchronized automatically to everyone with whom the folder has been shared. Different access controls – such as read-only and hide passwords - can be set on a person-by-person basis.