liability

[lahy-uh-bil-i-tee]

noun

plural

liabilities 

1. liabilities,

   1. Finance.,  moneys owed; debts or pecuniary obligations (assets ).

   2. Accounting.,  liabilities as detailed on a balance sheet, especially in relation to assets and capital.

2. something disadvantageous.

   His lack of education is his biggest liability.

3. Also liableness the state or quality of being liable.

   liability to disease.

liability

/ ˌlaɪəˈbɪlɪtɪ /

noun

1. the state of being liable

2. a financial obligation

3. a hindrance or disadvantage

4. likelihood or probability

liability

1. An obligation or debt.

Other Word Forms

• nonliability noun
• preliability noun

Word History and Origins

Origin of liability¹

First recorded in 1785–95; li(able) + -ability

Example Sentences

“Each count must identify the particular legal basis for liability and contain specific factual allegations that support each cause of action within each count,” Cannon wrote.

From Los Angeles Times

However, the responsibility of any taxpayer for reporting their tax returns and settling their liabilities rests ultimately on themselves alone.

From BBC

She denies she tried to dodge the extra tax, saying the initial legal advice she received failed to "properly take account" of her tax liability resulting from the nature of her son's trust.

From BBC

KL2 is a limited liability company that names Leonard — whose jersey number is 2 — as its manager.

From Los Angeles Times

That optimistic proclamation soon became a political liability for Mrs Merkel.

From BBC

Related Words

• damage 
• inconvenience 
• involvement 
• loan 
• mortgage 
• obligation 
• responsibility