- 1[uncountable] liability (for something) liability (to do something) the state of being legally responsible for something The company cannot accept liability for any damage caused by natural disasters.
- 2 [countable, usually singular] (informal) a person or thing that causes you a lot of problems Since his injury, Jones has become more of a liability than an asset to the team.
- 3[countable, usually plural] the amount of money that a person or company owes The company is reported to have liabilities of nearly $90 ,000. Our financial advisers will concentrate on minimizing your tax liabilities and maximizing your income. compare asset