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.
◄ ►
limited liability
n : the liability of a firm's owners for no more than the
capital they have invested in the firm