liability

/,laiə'biliti/
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liability

A large liability on their balance sheet worried the company's investors.

Definition
  1. Noun:
    • A state of being legally responsible for something, or a legal obligation: This is the primary legal and financial meaning. It refers to a duty or debt that one is bound by law to perform or pay.
    • Something that is a disadvantage or puts someone or something at a disadvantage: This meaning refers to a person or thing that is likely to cause problems or hold someone back.
    • The state of being likely to be affected by something, especially something undesirable: This describes susceptibility or a tendency toward a negative condition.
Examples of Usage
  • Noun (Legal/Financial Obligation):
    • The company accepted full liability for the accident.
    • He has significant tax liabilities this year.
  • Noun (Disadvantage):
    • His lack of experience is a major liability in this job.
    • The old software became a liability to the team's productivity.
  • Noun (Susceptibility):
    • The design has a liability to overheat under heavy load.
    • She has a liability to headaches when stressed.
Advanced Usage
  • "Limited liability": A legal structure (like an LLC or Ltd. company) where an owner's financial risk is limited to their investment in the business.
    • They formed a limited liability company to protect their personal assets.
  • "Admit liability": To formally accept legal responsibility for something.
    • The driver's insurance company admitted liability for the damages.
Variants and Related Words
  • Liable (Adjective): Legally responsible; likely to do or be affected by something.
    • The manufacturer is liable for any defects.
    • He is liable to forget appointments.
  • Assets and liabilities (Phrase): A common accounting and business phrase referring to things owned (assets) and things owed (liabilities) to determine net worth.
    • The balance sheet lists all the firm's assets and liabilities.
Synonyms
  • Responsibility: The state of being accountable for something.
  • Obligation: A duty or commitment.
  • Debt: Something, typically money, that is owed.
  • Disadvantage: An unfavorable circumstance.
  • Handicap: A circumstance that makes progress or success difficult.
Related Phrases
  • Current liability: A debt or obligation that must be paid within one year.
    • Accounts payable are considered a current liability.
  • Liability insurance: Insurance that provides protection against claims resulting from injuries or damage to other people or property.
    • All drivers are required to have liability insurance.
Related Idioms
  • To be more of a liability than an asset: To be more harmful or problematic than helpful.
    • His constant negativity made him more of a liability than an asset to the project team.
liability

A large liability on their balance sheet worried the company's investors.

Noun
  1. the quality of being something that holds you back
  2. an obligation to pay money to another party
  3. the state of being legally obliged and responsible

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