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Definition of liability noun from the Oxford Advanced American Dictionary

     

    liability

     noun
    noun
    NAmE//ˌlaɪəˈbɪlət̮i//
     
    (pl. liabilities)
     
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  1. 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. 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. 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
See the Oxford Advanced Learner's Dictionary entry: liability

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