Final answer:
A corporation offers the least flexible legal arrangement for owners due to its strict regulatory and formal requirements.
Step-by-step explanation:
Among the different business structures such as corporation, LLC, partnership, and sole proprietorship, the one that provides the least flexible legal arrangement for owners is a corporation. A corporation is a formal legal entity that requires permission from state and national governments to be established.
It's subject to more rigid regulations, formalities, and tax requirements compared to other business structures. In contrast, an LLC offers more flexibility and a favorable taxation structure, partnerships provide ease of formation and flexibility in management, and a sole proprietorship offers the most freedom, being owned and operated by one individual.