"Authorized shares" refers to the number of shares the corporation is allowed to issue under its certificate or articles of incorporation. Arizona articles of incorporation are filed to create a corporation.This guide provides instructions and tips when preparing and filing this legal document. 1. How do I form a corporation? 2. How do I form a nonprofit corporation? You do not have to issue all shares authorized; that way, you have the flexibility to add more shareholders at a later date. "Authorized shares" means the shares of all classes that a domestic or foreign corporation is authorized to issue. 8. The articles of incorporation shall authorize both of the following: 1. One or more classes of shares that together have unlimited voting rights. 2. The number of authorized shares must be greater than zero.