24jan16	basic steps from M.Elmas, modified and enhanced

How to set up SHARED FOLDER between HOST OS and GUEST OS in VirtualBox
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This is a folder accessible from both OS's.  Indispensable!
That's how you can pass files between Host and Guest OS.

1. Install Virtual Box and (ubuntu) Linux on your machine.

With your Virtual Machine Off, do the following: 

2. Create a folder on the Host OS (Win,Mac), e.g. "VM_share"
   to be "shared" between Host and Guest OS.
   Copy some file into it. Eventually you will be able to access 
   the file from Linux also. That's the point.

3. Download the "VirtualBox Extension Pack" from 
	https://www.virtualbox.org/wiki/Downloads	

4. Double click	the downloaded file to install	

5. Then go to VirtualBox "Settings" and click “Shared Folders”	
  
6. Click "+" and enter the name (e.g. VM_share) to add the 
   folder to be shared between Host and Guest OS
  
7. Check “Auto-­‐mount”	and “Make Permanent”, then click “OK”	

8. Now start up your VM and open a terminal in Linux.

9. Into terminal, type (this works in Ubuntu, else must be root):
  	sudo  usermod  –G  vboxsf  –a  username
   (type “whoami” into terminal will show your username)	
  
10. On the Linux side, the shared folder will be "/media/sf_shared".
    Link it to a convenient name in your home directory:
  	ln –s /media/sf_shared  LinkedFolderName
    (you may choose any name for LinkedFolderName, e.g. "shared")

11. Now restart your VM

12. Go to your linked folder to see if your shared folder is there: 
	cd  LinkedFolderName

Good luck!