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- Dictionaryli·a·bil·i·ty/ˌlīəˈbilədē/
noun
- 1. the state of being responsible for something, especially by law: "the partners accept unlimited liability for any risks they undertake" Similar Opposite
- 2. a person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage: "he has become a political liability" Similar Opposite
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Jul 30, 2024 · A liability is something that a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money,...
LIABILITY definition: 1. the fact that someone is legally responsible for something: 2. debts: 3. something or someone…. Learn more.
1. a. : the quality or state of being liable. was cleared of liability for the accident. b. : probability. 2. : something for which one is liable. especially : pecuniary obligation : debt usually used in plural. business assets and liabilities. 3. : one that acts as a disadvantage : drawback.
the responsibility of a person, business, or organization to pay or give up something of value: [ U ] He denies any liability in the accident. [ C usually pl ] The business has liabilities of $5 million. A liability is also anything that hurts your chances of success or that causes difficulties:
noun. /ˌlaɪəˈbɪləti/ (plural liabilities) [uncountable] the state of being legally responsible for something. liability (for something) The company cannot accept liability for any damage caused by natural disasters. liability to somebody The company has liabilities to its employees.
Sep 5, 2016 · Liability defined and explained with examples. Liability is the state of being liable or responsible for something; an obligation or debt.
What is a Liability? A liability is an obligation of a company that results in the company’s future sacrifices of economic benefits to other entities or businesses. A liability, like debt, can be an alternative to equity as a source of a company’s financing.
What is Liability? Liability is a term in accounting that is used to describe any kind of financial obligation that a business has to pay at the end of an accounting period to a person or a business. Liabilities are settled by transferring economic benefits such as money, goods or services.
If you say that someone or something is a liability, you mean that they cause a lot of problems or embarrassment. As the president's prestige continues to fall, they're beginning to consider him a liability.
In accounting and finance, a Liability is a legal debt or obligation that an entity must pay back. An entity could be, for example, a person or a company. Assets are what a company owns, while liabilities are what it owes.
