This is a hard topic to discuss as squiredom can mean many things to many different people, in my view being a squire dose NOT mean that you are any beeter than any other member of the society. What i believe squiredom to be is a relationship where a knight believes that he has something to offer you, and is mutually benificial to both parties.
Squires can be recognised by a red belt that often has there knights device painted on the end. This shows that you have a fealty and a duty to your knight and return your knight to you.
Different knights choose squires for different reasons and expect different things from their squires, it is something that has to be discussed when the oppertunity arises.
As is said these are my personal beliefs and are by no means the one right belief, there are many different views with regards to squiredom and my views may totally go against another persons.