A corporation shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws. However, S corps and other passthrough entities must file an annual Virginia income tax return on Form 502 or Form 502PTET.A corporation shall hold a meeting of members annually at a time stated in or fixed in accordance with the bylaws. Holding annual meetings in Virginia is both a legal requirement of corporate governance and a beneficial tool to effectively manage the corporation's affairs. To become an S corporation in Virginia, business owners must file Form 2553 with the IRS, electing S corp status. This guide will help you file formation documents, get tax identification numbers, and set up your company records. Wondering how to form an S corp in Virginia? The process involves two main steps: filing required documents with the state and the IRS. Virginia requires corporations to file an annual report on or before the last day of the anniversary month of the company's incorporation. Corporations typically hold several required formal meetings each year.