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
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    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
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    limited liability
    the liability of a firm's owners for no more than the capital they have invested in the firm
    the state of owing something (especially money)
    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:
    the state of being obligated to do or pay something
  3. noun
    the quality of being something that holds you back
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    asset, plus
    a useful or valuable quality
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    weak point
    an attribute that is inadequate or deficient
    the quality of having an inferior or less favorable position
    unfavorableness, unfavourableness
    the quality of not being encouraging or indicative of success
    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
    the quality of being a hindrance
    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
Word Family

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