I am going to explain the steps that worked for me.
1. Create your new Legal entity
2. Set up the Ledger form which is a shared table. I selected the same account structures as the company I was copying from.
3. Create a definition group to export the data from main source company. If I didnt want master data such as customers, vendors etc. I would untick Main group.
Included shared tables in my export.
Now export your dat/def.
4. Now I imported without shared tables.
5. The result is good. Chart of accounts and posting profiles all work fine. Vendors, customers imported fine (note: the vendor uses the same partyId as the source company).
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