liability

Definitions (3)
Related Terms
1. Finance: A claim against the assets, or legal obligations of a person or organization, arising out of past or current transactions or actions. Liabilities require mandatory transfer of assets, or provision of services, at specified dates or in determinable future.
2. Accounting: Accounts and wages payable, accrued rent and taxes, trade debt, and short and long-term loans. Owners' equity is also termed a liability because it is an obligation of the company to its owners. Liabilities are entered on the right-hand of the page in a double-entry bookkeeping system.
3. Law: (1) Responsibility for the consequences of one's acts or omissions, enforceable by civil remedy (damages) or criminal punishment.
(2) An obligation to do or refrain from doing something.

Use 'liability' in a Sentence

Winners of the contest have a liability to report and pay any taxes associated with the cash and material prizes awarded from the company.
18 people found this helpful
The liability was too much for us to pursue that business plan because we did not want to expose our self to that much risk.
15 people found this helpful
Florida financial and responsibility liability laws state that you as a home owner have liability rights regarding the liability of contracted workers getting injured while working at your home.
14 people found this helpful


  • 323435763 2018-02-17
  • 688202762 2018-02-17
  • 79305761 2018-02-17
  • 850445760 2018-02-17
  • 747315759 2018-02-17
  • 371174758 2018-02-17
  • 32926757 2018-02-17
  • 129933756 2018-02-16
  • 407764755 2018-02-16
  • 763660754 2018-02-16
  • 57411753 2018-02-16
  • 644632752 2018-02-16
  • 747786751 2018-02-16
  • 704814750 2018-02-16
  • 883951749 2018-02-15
  • 931853748 2018-02-15
  • 343513747 2018-02-15
  • 645411746 2018-02-15
  • 7443745 2018-02-15
  • 993962744 2018-02-14