Business Dictionary :
Liability : noun : being legally responsible for damage or loss
To accept liability for something = to agree that you are responsible for something…
NOTE : no plural
To refuse liability for something = to refuse to agree that you are responsible for something…
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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