New Company Startups/Business Structure
Too many people set up new businesses without carefully considering the best business structure that can be tax effective and protect assets.
Virtually nobody considers properly what the options are and what the best structure set up is. Usually, accountants don't really know what the legal consequences are and what the legal protections are from choosing the best business structure. Too often, there is not even a proper partnership agreement setting out who has to do what work, where the company capital is coming from, what the partners will do if they want to sell nor what they will do if they have a dispute.
If these things aren't dealt with at the beginning they can be costly, if not impossible to fix later on.