A pet is, simply, a NPC companion that you have control over (to a certain extent). Pets are there to assist and occasionally even protect you as you hunt. There are currently two types of pets: [P1] and [P2] pets.
While you may have up to many pets in inventory, you may only equip one. Unmounted horses and drakes are visible only when you are out of town. Mounted horses and drakes are visible in town as well. P2 pets are visible both in and out of town, but unless the P2 pet is mounted they will disappear while moving. Pets can be trained while in the dungeons -- personal and public -- with their passive skills (if applicable) benefiting you.
In SunshineLC, P1 pets serve both as companions and mounts, each providing distinct benefits.
P1 Mount Buffs Horse:
Offensive Hauling: Increases the Atack and magic Atack for you and all party members within a 20-meter range.
Defensive Hauling: Enhances Deffenc and magic Deffenc for you and all party members within a 20-meter range.
P1 Mount Buffs Drako:
Aboslute Hr: Increases the hit rate and magic hit rate for you and all party members within a 20-meter range.
Absolute Eva: Enhances evasion and magic evasion for you and all party members within a 20-meter range.
Crying: Provokes up to six monsters within a 20-meter range to attack you.
HP/MP Up: Passive skill that increases your HP and MP while riding the Knightmare.
These buffs are accessible when your P1 pet is equipped as a mount.
Note: Once a pet is made into a mount, it will no longer gain experience points (EXP) and cannot learn additional skills. Therefore, it's advisable to ensure your pet has acquired the desired skills before mounting it.
For more detailed information on these skills, you can refer to the guide on mounted horse skills in SunshineLC.