[2] Although the group's articles of incorporation innocuously stated the group's purpose as the creation of "a spirit of mutual helpfulness among its members; to advance them intellectually and socially; and by co-operation among them, to promote their material interests and well-being,"[1] in practice the organization served economic and political functions, lending aid to needy Irish immigrants and organizing to fight bigotry and discrimination against the Irish in America.

At the peak of the organization's size and influence during its first decade, the Knights of Equity included some 65 local courts stretching from Boston in the East to Sioux City, Iowa in the West, and from the Canada–US border to the Mid-South.

[5] In its earliest incarnation, the Knights of Equity was part of the broad Catholic reaction to the Protestant chauvinism espoused by the American Protective Association (APA), an anti-Catholic secret society established in 1887.

[5] Membership in the organisation was open to men 21 years or older of Irish birth or extraction, who were practicing members of the Catholic Church, and who resided in a city where the organization had a local court.

[7] As their goals of non-discrimination, equal rights, and the financial security of Irish-Americans were accomplished over many decades, membership declined, and the social and philanthropic aspects of the organization gained increased importance.