what is liability?
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- A liability can mean something that is a hindrance or puts an individual or group at a disadvantage, or something someone is responsible for, or something that increases the chance of something occurring (i.e., it is a cause). Liability may also refer in specific fields to:
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What happens when company's liabilities exceed its assets? An asset is a resource controlled by the business from which an inflow of future economic benefits are expected. (These are sources from which you make money.) A liability is a present obligation from which an outflow of future economic benefits is expected. (You have to pay out for these.) Having more total liabilities than total assets is referred to as being insolvent, while having more current liabilities than current assets is referred to as being illiquid.
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Premises Liability: Who Is Responsible? Liability is determined by the laws and procedures of the state in which the injury occurred. In some states, the court will focus on the status of the injured visitor in determining liability. In other states, the focus will be on the condition of the property and the activities of both the owner and visitor.
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Liability insurance Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract.
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What is 'Accountant's Liability' DEFINITION of 'Accountant's Liability'. An accountant's legal liability while performing professional duties. An accountant is liable for a client's accounting misstatements. This risk of being responsible for fraud or misstatement forces accountants to be knowledgeable and employ all applicable accounting standards.
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- 1. liability-the state of being legally obliged and responsible. susceptibility, susceptibleness-the state of being susceptible; easily affected. taxability-liability to taxation. ratability, rateability-the state of being liable to assessment or taxation.
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What Is Bodily Injury Liability Insurance, And What Does It Typically Cover? Understanding Liability Limits. Liability coverage is what protects you if you're at fault for an accident and you hurt someone or someone's property. It's made up of two components: bodily injury liability and property damage liability. This type of car insurance doesn't cover your injuries or damage to your property.
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What Is Liability Insurance? Auto liability insurance is a type of car insurance coverage that's required by law in most states. If you cause an accident, liability coverage helps pay for the other person's expenses. There are two types of auto liability coverage that drivers in each state must have: bodily injury liability coverage and property damage liability coverage.
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Liability Insurance Liability Car Insurance. When you cause an accident, you will be held accountable for injuries or property damage resulting from that accident. Costs of injuries and property damage can be expensive. In fact, they can be so expensive that they are generally well out of the average person's budget.
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Several Liability Several Liability. Several Liability. When a party is responsible for his or her own obligation (separately from another's liability), so that the plaintiff may bring a separate action against that party without suing other responsible parties. Compare: joint liability.
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What Is Liability Insurance? Auto liability insurance is a type of car insurance coverage. Drivers in most states are required to have bodily injury liability and property damage liability coverage. Skip Navigation
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Liabilities definition A liability is increased in the accounting records with a credit and decreased with a debit. A liability can be considered a source of funds, since an amount owed to a third party is essentially borrowed cash that can then be used to support the asset base of a business. Examples of liabilities are: 1  Accounts payable.
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liability liability-Investment & Finance Definition. An obligation to make a payment to a person or company in exchange for a benefit that has been received or money that has been lent.
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What Does Limited Liability Mean? Definition. Liability is money owed. Limited liability refers to a business structure that limits the members' personal liability for the company's actions. Creditors and others suing the business are limited to collecting from company assets; they cannot go after the members' personal assets.imited liability protects your personal assets from your business liability. A limited liability company is easier to set up than a corporation but offers the owners legal protection similar to what corporate stockholders have. Such a company can be a limited liability corporation or limited liability partnership.
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What is a Liability Account? â Definition Liabilities are defined as debts owed to other companies. In a sense, a liability is a creditor's claim on a company' assets.In other words, the creditor has the right to confiscate assets from a company if the company doesn't pay it debts. Most state laws also allow creditors the ability to force debtors to sell assets in order to raise enough cash to pay off their debts.n a sense, a liability is a creditor's claim on a company' assets. In other words, the creditor has the right to confiscate assets from a company if the company doesn't pay it debts. Most state laws also allow creditors the ability to force debtors to sell assets in order to raise enough cash to pay off their debts.
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What is a 'Liability' DEFINITION of 'Liability'. A company's legal debts or obligations that arise during the course of business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods or services.EFINITION of 'Liability'. A company's legal debts or obligations that arise during the course of business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods or services.
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- Protect yourself with liability insurance. Liability insurance is about financial protection-for you and your family. The personal liability coverage within your homeowners policy provides coverage for bodily injury and property damage sustained by others for which you or your family members are legally responsible.
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Blood Tests for Heart Disease For people without diabetes, the normal range for the hemoglobin A1c test is between 4% and 5.6%.Hemoglobin A1c levels between 5.7% and 6.4% indicate increased risk of diabetes, and levels of 6.5% or higher indicate diabetes.he higher the hemoglobin A1c, the higher the risks of developing complications related to diabetes. People with diabetes should have this test every 3 months to determine whether their blood sugars have reached the target level of control.
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Car accident liability: who's at fault? Posted July 29, 2010 9:19pm. Fault and liability refer to responsibility for an accident and the obligation to make amends, usually by paying for damages caused. The person who caused the accident is at fault and is liable for any resulting injuries or property damage. Typically, a person is at fault due to: Negligence: carelessly or unthinkingly doing something that most reasonable people would foresee causing harm.
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Difference Between Debt & Liabilities The definition of a liability is much broader than that of a debt. A liability is any economic obligation. Debt is a liability, of course: Borrowers are obligated to repay their loans. But liabilities regularly arise from things besides borrowing. For a business, wages earned but not yet paid are also a liability. When employees put in a week's work, the company is obligated to pay those employees for their time. Until it does, those wages are a liability.
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Tax Liability Tax Liability. The money one owes to the government in a given year. At its most basic, a tax liability is usually a certain percentage of one's income, and varies according to income. That is, one who makes $100,000 per year usually has a higher tax liability than one who makes $25,000. Different taxable events command different tax liabilities. For example, income taxes are usually higher than capital gains taxes.
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liability Definition. An obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying the debt or settling a wrongful act they may have committed.
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What is a 'Liability' BREAKING DOWN 'Liability'. Recorded on the balance sheet (right side), liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses. Liabilities are a vital aspect of a company's operations because they are used to finance operations and pay for large expansions.ne form of liability, for example, would be the property taxes that a homeowner owes to the municipal government. Current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period.
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Talking to the Experts: Supermarket Dietitians As more grocery stores around the country jump on the trend of hiring an in-house nutrition expert, I spoke to the dietitians at ShopRite supermarket in White Plains, New York about what they do and what you should ask your market’s dietitian.s part of ShopRite’s commitment to helping its customers live healthier lives, there’s an on-site registered dietitian available in select stores on a daily basis for customer consultation. This free service offers customers the opportunity to discuss their health and dietary needs with a nutrition professional.
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Liability Liability. Definition: A liability is a legally binding obligation payable to another entity. Liabilities are incurred in order to fund the ongoing activities of a business. Examples of liabilities are accounts payable, accrued expenses, wages payable, and taxes. These obligations are eventually settled through the transfer of cash or other assets to the other party.
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liability Use 'liability' in a Sentence. Winners of the contest have a liability to report and pay any taxes associated with the cash and material prizes awarded from the company.