Liability

Business / Taxes / Liability: In personal finance, liabilities are the amounts you owe to creditors, or the people and organizations that lend you money. Typical liabilities include your mortgage, car and educational loans, and credit card debt. When you figure your net worth, you subtract your liabilities, or what you owe, from your assets. The result is your net worth, or the cash value of what you own. In business, liabilities refer to money a company owes its creditors and any claims against its assets.

Other Words for Liability

Liability Noun Synonyms: answerability, responsibility, burden, onus, accountability
Liability Adjective Synonyms: disadvantage, drawback, hindrance, impediment, encumbrance, snag, hitch, barrier, obstacle, obstruction, burden, onus
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Current Liability

Business / Loan / Current Liability: Liability that will normally be repaid within a year. MORE

Employment Practices Liability Audit

Business / Human Resources (HR) / Employment Practices Liability Audit: An assessment of an employer’s current policies and practices to determine potential areas of liability (i.e., discrimination, wrongful discharge and other violations of employee rights) typically c MORE

Joint Liability

Business / Debt / Joint Liability: The legal liability of two or more people for claims against or debts incurred by them jointly. If three people have joint liability and are indebted to another party, they may only be sued as a group MORE

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