A condominium is a business. The business has shareholders (or home owners). Each unit owns an equal percentage of the common element areas and assets of the Corporation. As a homeowner you basically own only the inside of your unit, while everything outside of your unit is owned in common.
A board of directors manages and oversees the common areas and assets of the Corporation. To assist in completing these functions, they hire a Property Management firm to manage the day-to-day requirements, to advise the Board on contracts and legal issues, to complete the accounting functions, as well as many other requirements and duties. Board members are elected on a rotating basis at an Annual General Meeting held once per year.