A unit owners' association must be organized no later than the date the first unit in the condominium is conveyed. The membership of the association at all times shall consist exclusively of all the unit owners or, following termination of the condominium, of all former unit owners entitled to distributions of proceeds under §66-27-318, or their heirs, successors, or assigns. The association shall be organized as a profit or nonprofit corporation or limited liability company or, in the case of a condominium with four (4) or fewer units that is not a master association, the association may be organized as an unincorporated association.