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

n the state of being legally obliged and responsible

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

n an obligation to pay money to another party

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

n the quality of being something that holds you back

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

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