New account for son (been reading a lot)

Alright my first actual post to the forum but been playing since just after BC.

First the basics:
I have one account that I really only play a single main on. My son (a minor) has several toons on several realms/factions all on this account as well. (From my research this is completely inline with the ToU etc. so let's not start down that path as many posts I have read do.)

What I am looking to do:
We are both playing enough now and want to play together, or at the same time at least, that it is making sense to have two separate accounts. I would say just creating a completely separate account would be best so once he is old enough he can "take it with him". This also lets us benefit from the Recruit a Friend promotion. The problem is since I have really one toon I care to keep and he has a bunch on different realms etc. It would be best to just transfer my one toon to the new account instead of several of his.

The essential questions:
Can I create another account under my name and still benefit from the RaF offer?
Any other constructive comments/concerns in general concerning my dilemma are welcomed.

cramil