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Absolutely, this is done quite frequently in business's. Notice how some company's are called divisions or subsidiary of other companies, well that's because they are separate corporations owned by different corporations. The true owner is the person, or entity that owns 100% of the stock of the company. Prime example is Bank of America, each branch is incorporated but solely owned by the main corporation.
no, that would be a proprietorship which are usually grocery stores, barbershops etc
The above answer is wrong. A corporation can be owned by an individual. If a single person owns 100% of a corporations shares, they are the only owner of that corporation. Generally, a corporation is owned by more than one person, but it is possible that a single person could be the sole owner of a corporation.
A corporation can be owned by a trust. In its simplest form, a corporation can have only one shareholder, making it easier for a trust to own it or "run it". This applies in US laws. I don't know how it works in other countries.
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