From A Wiki of Ice and Fire
The Ragged Standard is a sellsword company in the Free Cities.
After the defeat at the Battle of the Redgrass Field, those lords and knights who went into exile with Ser Aegor Rivers began to sign on to sellsword companies, such as the Ragged Standard. This would cause Ser Aegor to make his own company, the Golden Company.
- ↑ 1.0 1.1 A Dance with Dragons, Chapter 5, Tyrion II.