Which of the following statements about equity financing is false?

a. Some equity capital is used to start every business.

b. The owners of a corporation are called stockholders.

c. Investment banking firms help corporations raise equity capital by selling stock in the primary market.

d. For a corporation, one of the advantages of equity capital is that it doesnt have to be repaid at some future date.

e. Because preferred stock represents a type of equity financing, preferred stockholders are guaranteed dividend payments.