What does liabilities mean?

liability is the sum of the money that you owe to others. The different types of liability are joint venture liability, partner liability, and corporate liability. The three types of liability are discussed in more detail below.

What does the word liabilities mean?

liability refers to something that an organization is legally obligated to pay. It can be for damages, losses, or fines. There are different types of liability, including civil and criminal. For example, civil liability refers to a claim made by an injured party after an accident. A business that sells defective products would be liable for damages that the customer receives as a result of the product not working properly.

What does the word liabilities mean in legal terms?

Liability is the sum of money you owe to others. It could be a debt (like a credit card bill) or an obligation you are legally obligated to pay (like a tax liability). Liability refers to any loss, cost, or damage that is not repaid by assets. Examples of liabilities include damage to property, injury to a person, or loss of income.

What does the word liabilities mean in a sentence?

A liability is something that you owe. For example, if you owe your bank $500,000, you have a liability to your bank. If you owe your neighbor $500, you have a liability to your neighbor. Liabilities are debts that you owe people.

What does the word liabilities mean in a text?

Liabilities describe the sum of all debts that an individual, company, or other organization is obligated to pay. Liabilities include everything from credit card debt to lawsuits, and they form the basis for calculating a balance sheet for a business or organization. An example of a liability is mortgage debt. If you owe money on a mortgage, that’s a form of liability.