The functions of the two types of associations known as Guilds and Companies were originally quite separate. Guilds were associations of persons of the same skilled craft, formed to protect mutual interests and to maintain standards in the products that they made. Companies were associations of merchants and traders specialising in the distribution of particular products, but they were formed with the similar intention of protecting their interests and maintaining business standards.

Today there is a less clear distinction between the two types of association. During the 15th and 16th centuries many craft guilds appear to have become companies, perhaps when they were granted royal charters, something that was much sought after because of the extra powers and privilges such a charter conferred on a guild or company.

The Corporation of the City of London has the power to grant the right to wear distinctive uniforms, or liveries, to companies in the city and those that enjoy this right are known as Livery Companies.

The influence of the associations dwindled during the industrial revolution but they experienced a revival in the 20th century as charitable organisations, a role they still enjoy today. The early guilds and companies tended to congregate in particular areas of towns and cities, and were therefore members of the same parish and attended the same church. Their charitable activities date from this time and their religious association gave rise to the term 'worshipful', as in the Worshipful Company of Fishmongers, etc.

New charters are still being granted so that there are now, for example, a Worshipful Company of Information Technologists and a Worshipful Company of World Traders.

Today it is the usual practice for new associations to call themselves guilds and, perhaps, to aspire to company status through the grant of a royal charter in due course, if their activities merit it. It is for this reason that our own group chose to call itself a guild rather than a company and, although we are also known jocularly as the GAS Company (from the intitial letters of Gentry, Allied and Skills), we do not yet aspire to the grant of a royal charter!