The Beatles’ umbrella company for their various business interests, The Beatles & Co., became Apple Music Ltd. on 17 November 1967.
The Beatles & Co. had been incorporated seven months previously, on 19 April 1967. Each Beatle owned 5% of the company, and the new corporation – which eventually became Apple Corps – was collectively owned controlled 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 company, 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.