Business Dictionary :

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Liability : noun : being legally responsible for damage or loss

  • To accept liability for something = to agree that you are responsible for something…

  • To refuse liability for something = to refuse to agree that you are responsible for something…

  • NOTE : no plural

    Contractual Liability = legal responsibility for something as stated in a contract

    Employers Liability Insurance = insurance to cover accidents which may happen at work and for which the company may be responsible

    Limited Liability = Situation where someone’s liability for debt is limited by law

    Limited Liability Company = company where a shareholder is responsible for repaying the company’s debts only to the face value of the shares he owns

    Liabilities = debts of a business
  • The balance sheet shows the company's assets and liabilities.

  • Current Liabilities = debts which a company should pay within the next accounting period

    Long-Term Liabilities = debts which are not due to be paid for some time
  • He was not able to meet his liabilities = he could not pay his debts.

  • To discharge one's liabilities in full = to pay everything which you owe

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