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2 definitions found
From:
Webster's Revised Unabridged Dictionary (1913)
Li·a·bil·i·ty
n.
;
pl
.
Liabilities
1.
The
state
of
being
liable
;
as
,
the
liability
of
an
insurer
;
liability
to
accidents
;
liability
to
the
law
.
2.
That
which
one
is
under
obligation
to
pay
,
or
for
which
one
is
liable
.
Specifically
,
in
the
pl.
,
the
sum
of
one's
pecuniary
obligations
; --
opposed
to
assets
.
Limited liability
.
See
Limited company
,
under
Limited
.
◄
►
From:
WordNet (r) 2.0
limited
liability
n
:
the
liability
of
a
firm's
owners
for
no
more
than
the
capital
they
have
invested
in
the
firm
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