S corporations complete this form to distribute the S corporation's income to Arizona resident shareholders. A quorum of a board of directors consists of either: 1.A majority of the fixed number of directors if the corporation has a fixed board size. Arizona law requires all Arizona corporations to hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws. Here is an outline of the steps you need to follow in order to form a corporation (specifically, a "C corporation") in Arizona. Approve or submit to shareholders any action that requires the shareholders' approval under this chapter. 3. A corporation shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws. The Arizona Corporation Commission website provides simple, fill-in-the-blank forms for articles of incorporation, with instructions. 2. Approve or submit to shareholders any action that requires the shareholders' approval under this chapter. 3. B. Annual shareholders' meetings may be held in or out of this state at the place stated in or fixed in accordance with the bylaws.