Definition of liability noun from the Oxford Advanced Learner's Dictionary



    BrE BrE//ˌlaɪəˈbɪləti//
    ; NAmE NAmE//ˌlaɪəˈbɪləti//
    (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. The debate on Europe is proving to be something of a liability for the Prime Minister.
  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
  4. Extra examples The company has liabilities to its employees. There is enough money to cover existing liabilities. They have denied liability for the accident. They have no legal liability for damage to customers’ possessions. an assessment of the company’s financial liabilities The company is reported to have liabilities of nearly $90 000.
See the Oxford Advanced American Dictionary entry: liability

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