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2 definitions found

From: Webster's Revised Unabridged Dictionary (1913)

 Li·a·bil·i·ty n.; pl. Liabilities
 1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.
 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.
 Limited liability. See Limited company, under Limited.
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From: WordNet (r) 2.0

 limited liability
      n : the liability of a firm's owners for no more than the
          capital they have invested in the firm