liability - an obligation to pay money to another partylimited liability - the liability of a firm's owners for no more than the capital they have invested in the firm obligation - the state of being obligated to do or pay something; "he is under an obligation to finish the job" debt - the state of owing something (especially money); "he is badly in debt" arrears - the state of being behind in payments; "an account in arrears" account payable - a liability account showing how much is owed for goods and services purchased on credit |