The 'Owned' property

You will have noticed the Owned property in the Properties sidebar for a Form. You might also have noticed that there isn't the same property when editing; the auto-complete box doesn't show an 'Owned' property.
A Form's owner
Whenever a Form is created it can be 'assigned' to another Form. When this happens the Form is said to be owned. Using the OpenW command, you can explicitly specify an owner:
// Create the first unowned form
OpenW 1
// Create the second owned form
OpenW Owner Win_1, # 2, 0, 0

When a Form is created using the Form editor, it is impossible to explicitly specify an owner form. All you can do is set the design-property 'Owned' to True.The effect will be that the Form is assigned to the current Me at the time it is created using the LoadForm command. (If you enable the Owned property for the first form, it will be assigned to Me = Nothing.and the form isn't owned. Since Me might not be exactly what you want it to be, you can explicitly set Me before executing LoadForm.

Owned windows
We mostly speak of owned windows when it concerns top-level windows, windows that are put on the desktop. The relation between a window and a child control is called a parent-child relation, it is not an owner-relationship. This concept can be seen from the properties of child Ocxes; they provide a Parent property, not an Owner property, only Forms have an Owner property.

When there is an owner relationship between two windows the first window (the owner) has certain control over the other window (the owned window). This relationship has several important implications:

1. The owned window is always displayed on top of its owner window
2. When the owner window is minimized, the owned window is automatically hidden
3. When the owner window is restored, its owned windows are shown again
4. When the owner window is closed, all its owned windows are automatically closed

This relationship is commonly used for dialog boxes that should stay above their parent window, but also for tool windows (or palettes) that should minimize/restore with their main application window. For example, when you open a "Save As" dialog from a text editor, that dialog is typically owned by the main editor window. This ensures the dialog stays above the editor and behaves appropriately when the editor is minimized or closed. There for the Dlg Save & Open command require a Form reference as their first parameter.

This is different from a parent-child window relationship, where child windows are confined within the client area of their parent. Owned windows can be positioned anywhere on the screen while maintaining their behavioral connection to their owner.

Conclusion
You should definitely consider using the Owned design-time property when using the LoadForm command, you get behavioral features for free and the application will certainly look more professional.