Assuming there is a panel in it, the feeder does not. That being said ... In my area the AHJ determination was that it is treated like an unfinished basement. His logic was that since the receps in the shed will have grade level access for yard tools (used ouside) treat them as if they were outside.
If you're only taking one circuit to it and the plan is to feed it GFCI protected (from the house), either a GFCI breaker or GFCI recep will do the trick. (recep is a lot cheaper)
There is no Panel/Sub-panel in the shed, just a single 12/2 with ground going out to the shed as a feed.
