Apple ID and family sharing
Hi Can I set up individual apple IDs and then link with family sharing without losing data> Can we share one ICloud account?
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Yes, you can do what you want if, by "share one ICloud account," you mean share an iCloud storage plan. See these basic documents on family sharing.
Family Sharing - Apple Support
Set up Family Sharing – Apple Support
Share an iCloud storage plan with your family - Apple Support