The common form of speech in Korean is the formal speech. This is generally used when meeting a someone for the first time because in order to decide which form of speech one should use (formal vs. informal), one must first know the other person’s age. This is the formal form of speech, or 존댓말. Usually formal forms of speech end in 요 or “yo”. For example, when speaking to a stranger, or someone older than you, you would greet them by saying 안녕하세요. whereas if you’re just greeting a friend (친구) or someone younger than you, then you would say 안녕.
In addition to the formal, you should always use the humble form of “I” (저), instead of the regular form of “I” (나). If you meet someone who is the same age as you, you can say 갑이다!, “we’re the same age!”. Also, if you are close to someone who is younger than you, but the continue to use the formal speech, you can say 너도 말놔, “you can lower lower your words too”.
All of the formalities and more can be found at: http://atkmagazine.com/2013/08/02/polite-vs-informal-and-deferential-style/
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