Why set up a guild?
What's an MMO without your own alliance of buddies with common goals and ambitions?
If you have the required level and gold, you will be prompted to choose your Guild Emblem and name. Click confirm (Emblems are permanent, so make sure you choose well!), and you'll be a full-fledged Guild Master!
Your Guild can be leveled by maxing out the Guild EXP bar in your (Y) Community --> Guild tab. Guild Daily Quests can be obtained from the Guild Manager to obtain EXP when performed by members of the Guild.
At the moment, you are not required to get a Guild charter or a certain number of signatories in order to set up one, but your Guild level will be affected by the Guild EXP you get. This comes from Guild quests you take up and overall team effort.
What do you get for being in a Guild?
Even at Guild Level 1, all Guildees get an extra skill that can significantly boost their leveling and gameplay. Not to mention you'll always have people to quest and chat with while roaming the lands.
Lvl 1 Guild Populations are currently capped at 50 and expandable with Guild Level increases.
Each Level increase also gives you the option of purchasing a Guild Skill, which all members can add to their hotkey bar as an active skill.