liability

[ lahy-uh-bil-i-tee ]
/ ˌlaɪ əˈbɪl ɪ ti /

noun, plural li·a·bil·i·ties.

liabilities,
  1. moneys owed; debts or pecuniary obligations (opposed to assets).
  2. Accounting. liabilities as detailed on a balance sheet, especially in relation to assets and capital.
something disadvantageous: His lack of education is his biggest liability.
Also li·a·ble·ness. the state or quality of being liable: liability to disease.

Origin of liability

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

Related forms

non·li·a·bil·i·ty, noun, plural non·li·a·bil·i·ties.pre·li·a·bil·i·ty, noun, plural pre·li·a·bil·i·ties.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019

Examples from the Web for liabilities

British Dictionary definitions for liabilities (1 of 2)

liabilities

/ (ˌlaɪəˈbɪlɪtɪz) /

pl n

accounting business obligations incurred but not discharged and entered as claims on the assets shown on the balance sheetCompare assets (def. 1)

British Dictionary definitions for liabilities (2 of 2)

liability

/ (ˌlaɪəˈbɪlɪtɪ) /

noun plural -ties

the state of being liable
a financial obligation
a hindrance or disadvantage
likelihood or probability
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Culture definitions for liabilities

liability


An obligation or debt.

The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.