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.