Without the "Live in Business" mod, no. (I've recently installed that but haven't play-tested it yet.)
I have had sims basically live at their retail shop. Their useless mansion is across the street, heh heh! No mod. It can work if you play it actively and have the business building with all the normal residential stuff somewhere you need to keep then constantly going. I've run that for about 2 months in-game time. It was fun testing it. So it can be done.
If serious about doing it, I recommend having a tiny minimalist home on another lot as the household's "base". In the same neighborhood. When actively playing, have one or two without jobs or careers at least! to run the business constantly. I had all six (minus the teen which would be seven) run it and with the usual sleep, pee, eat, bath or shower, fun, etc... needs, actively playing it, it works.
The stuff at the business breaks all the time so building up handiness skill on all characters can be done quite quickly. (You can't upgrade things lol) Social interactions are pretty constant too so builds those skills up fast too.
