CRM Online vs Dynamics 365

Hi,

I am new to Dynamics CRM.

I would like to know if the customer asked about to deploy a CRM online to Azure, what will be the deployment option? Still a bit confused about the term between CRM online and Dynamics 365 for Sales, are they the same thing basically?

What will be difference if I deploy CRM via LCS and install the CRM 2016 directly on an Azure VM?

Thanks,