From liable, from Old French lier (to bind), from Latin ligare (to bind, to tie), + -ity.
liability (countable and uncountable, plural liabilities)
- An obligation, debt, or responsibility owed to someone.
- (accounting) Any item recorded on the right-hand side of a balance sheet.
- A handicap that holds something back, a drawback, someone or something that is a burden to whoever is required to take care of them; an individual or action that exposes others to greater risk.
- The likelihood of something happening.
- The condition of being susceptible to something.
- alternative liability
- current liability
- enterprise liability
- liability insurance
- limited liability
- limited liability company
- private limited liability company
- public limited liability company
- secondary liability
- strict liability
- vicarious liability
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