Can my iPad be shared with my child and place restrictions/family sharing on it or should I set it up as their own
Can my iPad be shared with my child and place restrictions/family sharing on it or should I set it up as their own
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Each person, regardless of age, should have her/his own, unique Apple ID.
Here’s some reference reading.
Create an Apple ID for your child - Apple Support
Help your child set up an iPhone, iPad, or iPod touch - Apple Support
Use parental controls on your child's iPhone, iPad, and iPod touch - Apple Support