Attorneys are concerned boards will forget their fiduciary duty, especially this one: the legal obligation to collect monthly assessment payments from all unit owners, no exceptions.
A condo or other homeowner association certainly is a business, with income, expenditures, and so on. For some investors, not all, it is no more than that.
But for actual owners who live in their property and for investors' renters, isn't condo living mainly a community? Meaning, a collection of people who relate to each other on a regular basis and whose well being is closely tied.
And then, isn't a condo association also a government? People elect representatives who enact policies with more or less consent from the governed, the unit owners and renters who are asked to observe the law of the condo--the "governing documents".
So be bold, be brave, embrace complexity, eschew simple slogans: a condo association is a collective monetary investment. Not end of story.