Definitions (3)
1. Finance: A claim against the assets, or legal obligations of a person or organization, arising out of past or current transactions or actions. Liabilities require mandatory transfer of assets, or provision of services, at specified dates or in determinable future.
2. Accounting: Accounts and wages payable, accrued rent and taxes, trade debt, and short and long-term loans. Owners' equity is also termed a liability because it is an obligation of the company to its owners. Liabilities are entered on the right-hand of the page in a double-entry bookkeeping system.
3. Law: (1) Responsibility for the consequences of one's acts or omissions, enforceable by civil remedy (damages) or criminal punishment. (2) An obligation to do or refrain from doing something.
Articles related to 'liability'
Business Tips
Things to Consider When Forming a Partnership
1. Plan for the worst - One of the very first things you should think about is a buy/sell agreement. Essentially this is a discussion of what will happen if someone wants out. How assets, liabilities, ... Read more
Questions related to 'liability'
- What is Decommissioning liability?
- Is it possible to lodge a claim if vehicle #1 hit vehicle #2 which is from the same insured and policies covering third party liability only
- need help w this please
- What is the definition of âlimitation of liabilityâ under the Indian Law and where has it been defined? Case laws on limitation of liability.
- What is share Capital as it relates to limited liability and public limited companies?
Related Videos
http://www.businessdictionary.com/definition/liability.html
