Tallima: The Family Sharing is as you want to be with one caveat: if you play any games from your account, it will boot the other person.
Fenixp: Not in case you (or the other person) are in offline mode it won't :-P
I wonder though, do you think it "records" time and usage, and if when it reconnects, and discovers you've violated the terms, whether you will face any sort of sanction?
In other words, let's say you're offline, play a game on 4/22/2014 from 2:30 to 4:30 PM EDT. Then when it reconnects, it checks Steam records and discovers that another computer was also playing that game, online, from 3:00 to 4:00 PM EDT on the same day. Then you get a nasty little notice from Steam saying you've violated their terms of service and lose access to your account.
Again, not saying that would happen, just wondering if it's possible. Well, I'm sure it's technically possible, I mean wondering if Steam tracks things that closely.