Liabilities
/ˌlaɪəˈbɪlɪtiz/
Definitions
- (n.) Legal obligations or debts that an individual or entity owes to others, enforceable by law.
The company's liabilities include outstanding loans and unpaid taxes.
Forms
- liability
Related terms
See also
Commentary
In legal contexts, liabilities refer broadly to enforceable debts or obligations; distinguish from related financial accounting terms by focusing on legal enforceability.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.