An obligation, debt or responsibility owed to someone.

(Australia, business, law) A form of limited liability that may be used by mining companies, under which the shareholders may pay a company debt by surrendering shares in lieu of money.

(finance) An amount of money in a company that is owed to someone and has to be paid in the future, such as tax, debt, interest, and mortgage payments. / (accounting) The right side of a balance sheet.

plural of liability

(law) The legal responsibility arising when a party materially contributes to, facilitates, induces or is otherwise responsible for directly infringing acts carried out by another party.

(law) A legal doctrine and form of secondary liability under which individual entities can be held jointly liable for some action on the basis of being part of a shared enterprise.

(law) The legal responsibility of the superior for the acts of their subordinate.

(law) Of a business entity, having liability for legal claims that is limited to the assets of the entity itself, and which therefore does not reach the assets of the individual owners/investors of the company.

Any insurance against a potential loss due to the insured's liability for injury or damage to others.

(finance) The liability of an owner or a partner of a company for no more capital than they have invested.