What makes a good Free Company?

[PapaSteel]

I'd like to propose an alternate theory about why guilds/free companies/whatevers advertise themselves the way they do - because, just like in the real world, buzzwords sell. When you have fourteen seconds to sell a product in a commercial, you want a catchy slogan and something that'll stick in the mind. The same is true when you have one shout in which to attract people to your FC, leading to groups that advertise themselves as 'laid-back hardcore' or 'recruiting all players for our tight-knit community.'

Which, unfortunately, means that truth in advertising can be really hit-or-miss.

Everyone above me has made some excellent points and pretty much nailed it. I just wanted to add one more because it's something I've been seeing a lot of lately.
A FC is like a company that anyone can start - but there's a big difference in who actually profits from this. Outside of Eorzea, a big-name CEO ends up getting to kick back and relax at the top of the food chain, and I think many players start a FC with this idea in mind. They'll attract like-minded players to make everyone's lives easier, including their own, and tackle the content they're struggling with.
The reality is that this couldn't be further from the truth. It's the leadership that has to work the hardest, organize constantly, make tough judgement calls, and adapt to the FC's needs.
A lot of players don't quite fully realize this and it can show in a FC's day-to-day.