More from year 1967
Jan 18, 2017
Aug 10, 1985
September to November 1969
April - May 1969
Mar 21, 1969
February 21 to August 1969
January to February 17, 1969
Jan 28, 1969
Jan 27, 1969
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The Beatles’ financial advisors, appointed by NEMS Enterprises, were exploring options to reduce the impact of taxes to be paid to the UK Inland Revenue and advised the Beatles to create a new legal entity to consolidate their various business interests.
On this day, The Beatles & Co. Ltd was created.
The Beatles became employees of this company and, apart from songwriting royalties, which would be paid directly to the authors of the individual songs, all the money earned by the group would be channeled into The Beatles & Co. So instead of being four individuals sharing their income in The Beatles Ltd (formed in June 1963) and having to pay income taxes, their earnings would now be subject to corporate taxes. From Medium:
Clive Epstein, Brian’s brother, worked in the financial administration side of the New End Music Stores (NEMS), Epstein’s management company, and set to work. On April 19, 1967 the Beatles became a legal partnership sharing all of their income, whether from group, live or solo work (except songwriting). The Beatles and Co. Ltd was created to bind them together legally for ten years on a goodwill share issue of £1 million. The first anyone in the public would have known of it was on May 19, 1967, with the launch of Sgt Pepper’s Lonely Hearts Club Band, which had a discreet green apple on the back sleeve.
When Apple was formed, which was before Brian died, it wasn’t called Apple, but the structure of the buyout was there. The reason the Beatles sold 80% of themselves to this entity, which would become Apple, and to change Beatles Ltd. to Beatles and Co. was to save taxes. The reason that the 80% sale was triggered was because of the accumulated royalties at EMI that they were due to receive and the fact that if the royalties had been paid to them as individuals, it would have been taxed at 85% or something like that. This structure was set up by Clive Epstein as a tax structure. At one point it was suggested that this be a real estate company; that was the original idea for lack of anything else. They couldn’t figure out what to do with all this capital. All of this was set up while Brian was alive. After Brian died, my recollection is that they then decided to take this entity and create what they did, which was Apple.Peter Brown, Brian Epstein’s personal assistant – From “Those Were The Days 2.0” by Stefan Granados
Brian Epstein didn’t want to know about Apple. The Beatles had vast bank accounts and were advised to reduce the tax burden. We had to submit plans of how to invest this money so we could save three of four shillings in the pound – which of course with their money was a substantial amount. So we set up what was laughingly called ‘the executive board’ to plan how to invest this money. I was on the board along with Neil Aspinall and Pete Shotton, and we just kicked around plans and ideas. The first real idea was to open a chain of greetings card shops. They are now on every street corner, but they were unheard of in those days. So we finally thought this was a good idea and we put it to the Beatles. They just sat there for a moment, and then John said, ‘What a f****g boring idea. We had been weeks on this so one of us asked them to come up with something better. So that’s how ‘Apple’ as it became, evolved from that meeting. Really the whole thing was crazy, but it was their money.Alistair Taylor – From Alistair Taylor – The Beatles ‘Mr Fixit’ – Beatles in London, November 28, 2016
This is how the shares for The Beatles & Co. Ltd were split:
|The Beatles Ltd||80%|
On November 17, 1967, The Beatles Ltd would change its name to Apple Music Ltd.
Last updated on November 16, 2021
"With greatly expanded text, this is the most revealing and frank personal 30-year chronicle of the group ever written. Insider Barry Miles covers the Beatles story from childhood to the break-up of the group."
We owe a lot to Barry Miles for the creation of those pages, but you really have to buy this book to get all the details - a day to day chronology of what happened to the four Beatles during the Beatles years!
If we like to think, in all modesty, that the Paul McCartney Project is the best online ressource for everything Paul McCartney, The Beatles Bible is for sure the definitive online site focused on the Beatles. There are obviously some overlap in terms of content between the two sites, but also some major differences in terms of approach.