In order to control their various business interests, The Beatles' tax advisors suggested they form an umbrella company. Formed on this day, it was named The Beatles & Co.
At the time the group had large amounts of capital, which they were in danger of losing to the Inland Revenue. To avoid this occurring they chose to invest in a business venture.
The Beatles & Co. was essentially a new version of Beatles Ltd, their original partnership. Under the new terms, each Beatle took ownership of 5% of the company, and a new corporation - which eventually became Apple Corps - would be collectively owned and would control 80% of The Beatles & Co.
Apart from songwriting royalties, which would be paid directly to the authors of the individual songs, all money earned by the group would be channeled into The Beatles & Co., which would leave them with a much lower corporate tax rate.
The legal partnership covered group, live or solo work, and was intended to bind the four controllers together for 10 years on a goodwill share issue of £1 million.
Also on this day...
- 2015: Paul McCartney inducts Ringo Starr into the Rock and Roll Hall of Fame
- 2014: Paul McCartney live at Estadio Centenario, Montevideo, Uruguay
- 2012: Paul McCartney live at Estadio El Campín, Bogotá, Colombia
- 1968: Apple Corps advertises for new talent
- 1967: Mixing: Good Morning Good Morning, Only A Northern Song
- 1966: Recording, mixing: Doctor Robert
- 1965: US single release: Ticket To Ride
- 1964: Recording: Around The Beatles
- 1963: Live: Mersey Beat Showcase, Stoke-on-Trent
- 1962: Live: Star-Club, Hamburg
- 1961: Live: Top Ten Club, Hamburg
Want more? Visit the Beatles history section.