Definitions for: Liability

[n] the quality of being something that holds you back
[n] an obligation to pay money to another party
[n] the state of being legally obliged and responsible

Webster (1913) Definition: Li`a*bil"i*ty (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.;
pl. Liabilities (-t[i^]z).
1. The state of being liable; as, the liability of an
insurer; liability to accidents; liability to the law.

2. That which one is under obligation to pay, or for which
one is liable. Specifically, in the pl., the sum of one's
pecuniary obligations; -- opposed to assets.

Limited liability. See Limited company, under Limited.

Synonyms: financial obligation, indebtedness

Antonyms: asset, plus

See Also: account payable, arrears, bad, badness, debt, disadvantage, limited liability, obligation, ratability, rateability, scot and lot, susceptibility, susceptibleness, taxability, weak point

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