The Beatles signed a five-year contract with Epstein on 24 January 1962 giving Epstein 10 to 15 per cent of their income. They signed a new contract in October 1962 which gave Epstein 15, 20, or 25 per cent of revenues, depending on how much he helped the band earn. The Beatles would then share any income after various expenses had been deducted. Epstein then formed a management company, NEMS Enterprises, telling his parents that managing the group was only a part-time occupation and would not interfere with the family business.