Definition of Liability:
The state of being responsible for something, especially by law.
Law: (1) Responsibility for the consequences of ones acts or omissions, enforceable by civil remedy (damages) or criminal punishment. (2) An obligation to do or refrain from doing something.
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.
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.
A person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage.
Synonyms of Liability
Accountability, Responsibility, Legal responsibility, Answerability, A thing for, Accountability, Accountableness, Accounts payable, Accounts receivable, Affinity, Amenability, Amount due, Answerability, Answerableness, Aptitude, Aptness, Arrearage, Arrears, Bad debts, Barrier, Bent, Bias, Bill, Bills, Borrowing, Burden, Cast, Chance, Charges, Chits, Conatus, Conduciveness, Damage, Debit, Debt, Dedication to duty, Defenselessness, Delight, Detriment, Devotion to duty, Diathesis, Disadvantage, Disposition, Drawback, Due, Dues, Duteousness, Dutifulness, Eagerness, Encumbrance, Expectation, Exposure, Fair expectation, Favorable prospect, Feeling for, Financial commitment, Floating debt, Funded debt, Good chance, Handicap, Harm, Helplessness, Hindrance, Hitch, Hurt, Impairment, Impediment, Inclination, Incumbency, Indebtedness, Indebtment, Injury, Leaning, Likelihood, Likeliness, Liking, Loss, Loss of ground, Maturity, Mischief, Nakedness, National debt, Nonimmunity, Obligation, Obstacle, Obstruction, Odds, Onus, Openness, Outlook, Outstanding debt, Penchant, Pledge, Predilection, Predisposition, Prejudice, Presumption, Presumptive evidence, Probabilism, Probability, Proclivity, Proneness, Propensity, Prospect, Public debt, Readiness, Reasonable ground, Reasonable hope, Responsibility, Responsibleness, Score, Sense of duty, Sense of obligation, Sensitivity to, Snag, Soft spot, Step backward, Susceptibility, Tendency, Tropism, Turn, Twist, Uncollectibles, Unfulfilled pledge, Verisimilitude, Vulnerability, Warp, Weakness, Well-grounded hope, Willingness, Hindrance, Encumbrance, Burden, Handicap, Nuisance, Inconvenience
How to use Liability in a sentence?
- 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.
- The partners accept unlimited liability for any risks they undertake.
- He has become a political liability.
- Winners of the contest have a liability to report and pay any taxes associated with the cash and material prizes awarded from the company.
- 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.
Meaning of Liability & Liability Definition