Bullet's Mercenary Squadron is an organization that existed prior to and during the Ikaruga Civil War. It was completely wiped out save for two members during the Phenomena Weapon Dispossession Operation.
The organization was led by a man who was known to his subordinates only as the Captain. This squadron was inhabited solely by men, but they soon adopted a young girl who would become Bullet.  At some point, the Drill Sergeant of the squad hired Amane Nishiki, believing that he could teach the "troops" new combat techniques. Amane agreed to the job, thinking he was teaching a "troupe," and made them dance for three days and nights straight until he realized his mistake and left. 
During the Ikaruga Civil War in 2195, the squadron was hired by Sector Seven to retrieve the Deus Machina: Nirvana from the 4th Hierarchical City of Naobi. They were met with opposition from the Novus Orbis Librarium, but were soon wiped out completely by Azrael. Their Captain managed to secure Nirvana and barely escaped with his life - Kokonoe revived him as Iron Tager, but his memories were lost.  This event was soon known as the Phenomenon Weapon Dispossession Operation. Bullet was not present for the event and spent the next 5 years hunting down Kokonoe and Relius Clover, who had ordered the event. In the Embryo, she was reunited with Tager and they began working together under Kokonoe. Though the squadron's history had finished, Bullet continued to proudly wear the uniform. 
The squadron's uniform consisted of a black jacket with gold lining and a short propped-up collar over a simple white shirt with a matching collar. The jacket's sleeves stopped short of the elbow on each arm where a large golden vambrace covered the forearms to the hands. Over the left arm was their insignia - a black gauntlet over a red background. Bullet has insisted that her "hot pants" are a part of the uniform of her squadron, being designed for "manoeuvrability". 
BlazBlue: Central Fiction Library Entry
- Mercenary Squad
A fighting force Bullet belonged to. They deployed to battlefields across the world, a group of professional soldiers who always executed their missions as ordered by the client.
They were completely annihilated during the 'Phenomena Weapon Dispossession Operation' in 2195. 
Extremely short and suggestive pants that Bullet wears. She insists that it's simply part of her squad's uniform, and prioritizes function over form. 
- Although Bullet's Library Entry states that the squadron consisted of only men and herself, one of her arcade illustrations in BlazBlue: Central Fiction distinctly shows another woman in the squadron.
- BlazBlue: Central Fiction, Library Mode, Character #023
- BlazBlue: Chrono Phantasma, Arcade Mode, Bullet - Paranoia
- BlazBlue: Chrono Phantasma Extend, Story Mode, The Rat
- BlazBlue: Central Fiction, Story Mode, Episode 012, Chapter 100
- BlazBlue: Chrono Phantasma, Story Mode, Chrono Phantasma, Episode 7 - Ragna, The Wanderer
- BlazBlue: Central Fiction, Library Mode, Organization #039
- BlazBlue: Central Fiction, Library Mode, Item #022