Yes, it matters if your homeowners' association (HOA) is incorporated. Pursuant to Florida Statute §720.303, "an association must be incorporated. . . ." You can view the entire statute here. The governing documents must be recorded in the official records of the county where the HOA is located. The governing documents include, but are not limited to, articles of incorporation, which establishes the existence of the corporation.
It is important to note that the board of directors of an HOA has authority to act on behalf of its members, including, but not limited to, the bringing or defending of particular actions. However, members (unit owners) of an HOA may not act on behalf of the HOA. Only the Board and its duly elected officers can act on behalf of the association. Therefore, it is important that your HOA is properly formed and operated.
Unit owners do have many rights. For instance, they have the right to attend board meetings to listen in on the board's deliberations. Unit owners also have the right to records of the corporation.