1. debts or financial obligations that a person or company owes
Usage: business; accounting
2. legal responsibilities for damages or losses
Usage: legal
3. disadvantages or burdens that cause problems

Examples

• The company’s liabilities exceeded its assets by millions of dollars.
• Current liabilities include accounts payable and short-term loans.
• The insurance policy covers the driver’s liabilities in case of an accident.
• Product defects can create significant legal liabilities for manufacturers.
• His lack of experience became one of his biggest liabilities in the job market.
• The team’s weak defense was a major liability during the championship game.