As the first stage of the transformation in their business affairs which resulting in the formation of the Apple group of companies, the individual Beatles had to end their formal contracts of employment with their holding company, The Beatles Limited. The group had been advised by their accountants that they needed to invest several million pounds into a new business, or else face a crippling tax bill from the Inland Revenue. As a result, they formed The Beatles & Co. in April 1967, a company that was quickly renamed Apple Corps Limited. Despite their formal nature, these documents mark an important turning point in the Beatles' financial affairs in the 1960s.