What Is a Liability?
What Is a Liability? Liability is one of the most important concepts in both finance and law, so you should be aware of its implications. Liability means someone takes legal or financial responsibility for something. If you are held liable for a debt or a claim you are responsible for it. Any person or business can be held liable for a wide variety of debts and legal obligations. So it is always a good idea to understand what your liabilities […]