liability

/ˈlaɪəˌbɪlədi/

/laɪəˈbɪlɪti/

Other forms: liabilities

A liability is a debt or obligation or a personal flaw that stands in your way. A company's liabilities are simply the debts on its ledger, but a personal liability might be your extreme shyness in social situations.

Depending on how you use it, the word liability has very different meanings. In a business or financial sense, a liability is a debt or fiscal obligation, like a mortgage or a loan. A limited liability company means if the company fails, the partners are on the hook for only what they initially invested in the company. A personal liability, however, is some element of your past, your character, or your behavior that might give you a disadvantage.

Definitions of liability

1. noun

   the state of being legally obliged and responsible
   types:

   taxability

   liability to taxation

   ratability, rateability

   the state of being liable to assessment or taxation

   type of:

   susceptibility, susceptibleness

   the state of being susceptible; easily affected
2. noun

   an obligation to pay money to another party
   synonyms: financial obligation, indebtedness

   types:

   limited liability

   the liability of a firm's owners for no more than the capital they have invested in the firm

   debt

   the state of owing something (especially money)

   arrears

   the state of being behind in payments

   account payable, payable

   a liability account showing how much is owed for goods and services purchased on credit

   scot and lot

   obligations of all kinds taken as a whole

   type of:

   obligation

   the state of being obligated to do or pay something
3. noun

   the quality of being something that holds you back
   antonyms:

   asset

   a useful or valuable quality

   types:

   weak point

   an attribute that is inadequate or deficient

   disadvantage

   the quality of having an inferior or less favorable position

   unfavorableness, unfavourableness

   the quality of not being encouraging or indicative of success

   limitation

   the quality of being limited or restricted

   defect, shortcoming

   a failing or deficiency

   awkwardness, nuisance value

   the quality of an embarrassing situation

   deprivation, loss

   the disadvantage that results from losing something

   drawback

   the quality of being a hindrance

   penalty

   the disadvantage or painful consequences of an action or condition

   inferiority, unfavorable position

   the quality of being a competitive disadvantage

   inexpedience, inexpediency

   the quality of being unsuited to the end in view

   unprofitability, unprofitableness

   the quality of affording no gain or no benefit or no profit

   type of:

   bad, badness

   that which is below standard or expectations as of ethics or decency