You can move Kindles between accounts. If Amazon were ever to say anything you could tell them that you don't want your Teenage Son having access to your adult material.
I prefer the idea of having one account and just sharing books. But I know some folks don't want their kids having access to their books. What I would do is put him on the family account, register his Kindle, load up the books that he wants, and deregister him. That way he cannot add more books or go looking through the archive.
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