Side effects from switching from local to MS account

Hi,
Currently logging in to my win8.1 PC with a local account. I'm considering switching to an MS account, but I'm wondering if there are going to be any gotchas if I do so. For example, will I lose access to any fileshares I have permissions to with my local account, or is the local account maintained behind the scenes? I assume files and settings, and any third party product licences will be unaffected?

Thanks,
Kev