SimonG: But being afraid that the Steam SWAT is breaching your house and shoot up your PC if you have one in offline mode is ridiculous. To do anything at all, Valve would have to
proof your wrongdoing. Good luck in a single household ...
Don't be daft. They don't have to send any SWAT team, simply disabling the account is enough. They can claim they did it for security reasons as it seemed someone else might have broken into the account. At that point, what do you tell them? That you have wittingly shared the account password with other users? Well then, is Valve ok with that at that point?
Anyways, the OP did ask what he is _allowed_ to do, not what he can possibly get away with if he is careful enough. It is a similar question as some new GOG users have earlier asked "So because GOG games don't have DRM to stop sharing it with friends, does it mean I am allowed to share all my GOG games with all my friends?".
It would be odd if someone had replied to them "Sure, why not, I mean, GOG can't really tell if you have shared your games or not.". Or at least I thought so, but apparently I was wrong. :)
To OP: if you don't care what you are allowed to do and want to make sure Valve doesn't know your Steam account is being accessed on several different places maybe even simultaneously, it might be a good idea to disable internet connections on those PCs where you Steam is run in offline mode, or block Steam in the firewall, or some other way to make sure Steam can't connect to internet, even if it tried.
But if you feel you couldn't care less if Valve knows or not, by all means don't take any precautions. It might well be you won't get into any trouble anyway, even in a form of (temporary) account ban.