Game Sharing Question?

I plan to download Halo Combat Evolved on a silver account, then I want to be able to play with my friends so I am going to give them the credentials (I trust them with it), but will they be able to download it and play it too? Would they be able to download the game then get on their own accounts or do they have to be on the same account? Cause if they do then it isn't possible...

Let one of your friends download it from your account first, you re-download after he's done downloading, then your 3rd friend license transfers. Simple and easy, and 3 people have the same game.

That's the best way to do it.
It shouldn't matter if your account is gold or not.

Why can't I download it first, then he redownloads, and then the 3rd guy transfers?