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Definition of “liability” - English Dictionary

"liability" in American English

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liabilitynoun [C/U]

 us   /ˌlɑɪ·əˈbɪl·ɪ·t̬i/
the ​responsibility of a ​person, ​business, or ​organization to ​pay or give up something of ​value: [U] He ​denies any liability in the ​accident. [C usually pl] The ​business has liabilities of $5 million.
A liability is also anything that ​hurtsyourchances of ​success or that ​causesdifficulties: [C] Not having ​our own ​deliverytrucks is a liability in ​ourbusiness.
(Definition of liability from the Cambridge Academic Content Dictionary © Cambridge University Press)







"liability" in British English

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liabilitynoun

uk   /ˌlaɪ.əˈbɪl.ə.ti/  us   /ˌlaɪ.əˈbɪl.ə.t̬i/
  • liability noun (RESPONSIBILITY)

C1 [U] the ​fact that someone is ​legallyresponsible for something: He ​denies any liability for the ​damagecaused.
liabilities [plural] specialized
debts: The ​business has liabilities of 2 million ​euros.
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(Definition of liability from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)

"liability" in Business English

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liabilitynoun

uk   us   /ˌlaɪəˈbɪləti/ (plural liabilities)
[C] ACCOUNTING, FINANCE the ​amount of ​money that a ​person or ​organizationowes: He listed liabilities of more than $3 million. The ​company will also have to show that it has a liability of $600.
[U] LAW legalresponsibility for something: liability for sth Warning ​notices may not be enough to absolve a ​propertyowner of liability for visitors' ​injuries. They still haven't admitted liability for the ​crash which ​ruined so many ​lives. The army denied liability but ​agreed to make an ​out-of-courtsettlement.
(Definition of liability from the Cambridge Business English Dictionary © Cambridge University Press)
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“liability” in Business English

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