This is an awesome thing that is found in the game Warhammer Online. Guild Standards are flags that you are able to purchase once your guild reaches rank 6. These have different benefits, depending on which ones you have purchased.
For example, at guild rank 6 you are able to purchase two different benefits for your guild standards. The most beneficial at this point would be the +5% Defense and +10 Return damage ones. Once you add one of these to a flag and take out that flag, you will obtain not only the benefit that you attached to it but also +25% Run speed.
Although these are mainly meant for sieges and Keeps, these are usable anywhere it seems. For example, you are able to use these to run around PvE areas, just to speed it up.
While the Standards do have some nice positives, there are also a couple of negatives that come with them as well.
The first bad part is that if you die while holding a Standard, it disappears. With these cosing 1.89 gold each, that can be a huge loss if you are dying often while holding them. Towards the later parts of the game this loss isn't as high if you do not die often, however if you do it can be detrimental to your finances.
Along with this, only two people can be assigned to be “Standard Bearers” at rank 6. Sadly, this even includes the guild leader as one of them. If the guild leader chooses to be one of the bearers, he or she can only designate one more bearer. If they want, however, they can take away their own privilege and let two people take over.
You are able to change the Standard Bearer privileges any time, whether you are in combat or not, and whether or not the players are online. This does help out a lot, if you remember to keep up with updating the list.
In terms of Keeps, one of the best ideas with Standards is to plant it inside the Keep once you get your foot in the door. This will help benefit everyone that is around you, so it can make taking the Keep significantly easier.
On the other hand, however, enemies are able to steal your flag, thereby costing you another 1.89 gold for a replacement. Do not place the flag unless you have enough gold to compensate for it or unless you are already stabilized on the ground floor of the Keep.