Business Dictionary :
Liability



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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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