I'm seeing the same issue with trying to use OneNote for Mac version 15.4.14113 on OS X Yosemite 10.10.1. I have an Office 365 Small Business Premium subscription (yes I've verified this is applied to my users). I've tried reinstalling OneNote several times, as well as deleting cache files from the filesystem and Keychain Access. I've also tried creating another user and attempting to activate with the same results. This seems to be a bug with the app. I can install Office for Mac and register it. OneNote for Mac seems unable to register properly with Office 365.
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