Is it possible to declare Database information in the Main form and use its in the child forms?
Never do this. Because it will create a circular dependence between the child forms and the main form: the main form needs to know the child forms in order to open them, and the child forms need the main form in order to access the datasets. Although Pascal can handle this if done properly, it is a very bad idea because you no longer can test the individual forms independently of the entire application. I recently wanted to convert a large Delphi application with about 50 forms to Lazarus; since each form depended on the main form the conversion can only be tested when everything is completed - I finally gave up.
Do what Bart told you: Add a datamodule to the project and put all the database components (connections, queries, datsets) on it. You can also put the TDataSource on it, but sometimes I find it more advantageous to have on the forms which need it.