Explain Factions please. Any story lines? What do i do in each faction?

So far i'm unable to find any info on why one should join a faction. I have not found any story lines what faction will suit me best. Also when i join a faction what happens? Pros and cons to each faction? Do i get stuck with only X type weapons when i join 1 faction and Y type weapons when i join the other? How about pirate and independent factions?
 
Thanks guys, i looked into this but the manual didnt explain anything other than "you get rep by killing stuff" lol
 
You can always gain trust from a faction by doing missions and not pledge. That's what I do so far. However I'm currently on a galactic road trip sight seeing and picking up bounties along the way. I'll decide whether I want to pledge to a faction completely once I'm done.
 
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