Obama Corporation wants to start a new business as a breeder of Portuguese Water Dogs but is concerned about the possible liability that such a business might have. Obama wants to have the business use the Limited Liability Company form even though it is not willing (at least at this time) to take on an additional members to the LLC.

Can the corporation form the LLC having only one member that is a corporation?

How is the business taxed if it uses this form?

Does it have a choice of how it will be taxed and what are the choices?