liability

Liability is defined as the state of being responsible for something or something that someone is responsible for.

(noun)

See liability in Webster's New World College Dictionary

the state of being liable
anything for which a person is liable
Accounting
1. a debt of a person or business, as a note payable or a long-term debenture
2. an account on a balance sheet showing this
something that works to one's disadvantage

See liability in American Heritage Dictionary 4

noun pl. li·a·bil·i·ties

The state of being liable.
a. Something for which one is liable; an obligation, responsibility, or debt.
b. liabilities The financial obligations entered in the balance sheet of a business enterprise.
Something that holds one back; a handicap.
Likelihood.

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