GNU Collaborative International Dictionary of English

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1.       
   Liability (līˌȧ‑bĭlˈĭ‑ty̆), n.; pl. Liabilities (-tĭz).
   
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   1. The state of being liable; as, “the liability of an insurer; liability to accidents; liability to the law.”
   
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   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.
   
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   Limited liability. See Limited company, under Limited.
   
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