John and two friends incorporated a closely held corporation. Each bought an equal number of common shares in the corporation. Each became a director, an officer, and an authorized agent of the corporation. Which of the following is false? The closely held corporation is less regulated, and more free of government regulations and control than a broadly held corporation. As directors, each owes a fiduciary duty to the corporation Since the corporation is a legal fiction, all of its activities must be carried out through principals. If the affairs of the corporation are being conducted in a manner that is unfairly prejudicial to any one shareholder, that shareholder could seek relief from such oppression from the courts