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First, a guild is an organization of persons with related interests with Tibia Gold, goals, etc., esp. one formed for mutual aid or protection.
Second any of various associations, as of merchants or artisans, organized to maintain standards and to protect the interests of its members, and that sometimes constituted a local governing body.
Every Guild is a family, a team, a governing body. There is the Master/Leader, Kingpins, Captains, Supporters, and Rookies. They all guard each other and work together to create relationships and as a small active community; they play together, level, shop, PvP, and especially Clock War together. Each Guild is almost like a Tribe; they compete against other Guilds and thrive to be the best Guild in their Cluster.
Many Guilds do not make a community solely on playing the game competitively; many are based on similar interests or the hunger for a community of friends to have fun with.
Each Guild has the chance to pick cloaks, an emblem, and can participate on Guild Events. However, in order to participate in any of these you must first level your Guild to the requirements each entail.