- moneys owed; debts or pecuniary obligations (opposed to assets).
- Accounting.liabilities as detailed on a balance sheet, especially in relation to assets and capital.
- something disadvantageous: His lack of education is his biggest liability.
- Also li·a·ble·ness. the state or quality of being liable: liability to disease.
- accounting business obligations incurred but not discharged and entered as claims on the assets shown on the balance sheetCompare assets (def. 1)
noun plural -ties
- the state of being liable
- a financial obligation
- a hindrance or disadvantage
- likelihood or probability
n.1790, originally a term in law; “condition of being legally liable;” see liable + -ity. General sense is from 1809; meaning “thing for which one is liable” is first attested 1842. Related: Liabilities. An obligation or debt.