Today in the Beatles camp there was movement on both the music and business fronts. In the studio George Martin and Geoff Emerick created a new mono mix of “Good Morning Good Morning” designed to segue more easily into the “Sgt. Pepper” reprise, which would follow it on the album. For some reason they also made a new mix of “Only a Northern Song,” though it was clear by now that this would not be appearing on Sgt. Pepper’s Lonely Hearts Club Band.

Meanwhile, the money continued to pour in as usual. Which was great, but also a problem, as the Taxman was always lurking. This led to today’s official launch of a new company called “The Beatles & Co,” into which the band would funnel most of its income. Says The Beatles Bible,

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.

To someone with a deep passion for the history of taxes and the dodging thereof, I’m sure this would be fascinating. To the likes of me, and probably you, it’s of mild interest only. But it had to be mentioned and now it has been. Onward!

0 0 votes
Article Rating