The small, simple building in your yard where you keep tools or gardening equipment is a shed.
As a noun, shed means "hut," and probably comes from the word shade. But shed is also a verb meaning "to cast off," like when a snake sheds its skin. If your couch is covered in fur, it might be because your dog is shedding. You can shed non-physical things, like a bad habit. Does your cat shed? If so, maybe I should sleep in the shed since I'm allergic.