Liability /(lī`ȧ*bĭl"ĭ*ty̆)/

Li·a·bil·i·ty

Liability

n.

pl. Liabilities ((-tĭz))

  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.

Phrases & Compounds
Limited liability
See Limited company, under Limited.