A voluntary association of persons pursuing the same trade, art, profession,or business, such as printers, goldsmiths, wool merchants, etc., united under a distinctorganization of their own. analogous to that of a corporation , regulating the affairs oftheir trade or business by their own laws and rules, and aiming, by co-operation andorganization, to protect and promote the interests of their common vocation. In medievalhistory these fraternities or guilds played an important part in the government ofsome states; as at Florence, in the thirteenth and following centuries, where tlicy chosetile council of government of the city. But with the growth of cities and the advance inthe organization of municipal government, their importance and prestige has declined.The place of meeting of a guild, or association of guilds, was called the “Guildhall.” Theword is said to bo derived from the Anglo-Saxon “gild” or “geld.” a tax or tribute,because each member of the society was required to pay a tax towards its support.
Black’s Law Online Dictionary
