The initial directors shall hold an organizational meeting, at the call of a majority of the directors, to complete the organization of the corporation. A corporation shall hold a meeting of members annually at a time stated in or fixed in accordance with the bylaws.This comprehensive guide will walk you through everything you need to know to properly set up a corporation in the state of Virginia. Choosing a Business Name. Choose a business name for the corporation and check for availability. Forming a corporation in Virginia is easy. It's a great way to structure your business and protect your personal assets. This guide will help you file formation documents, get tax identification numbers, and set up your company records. Choosing a Business Name. Are bylaws legally binding?