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Liability |
Also found in: Medical, Legal, Encyclopedia, Wikipedia, Hutchinson | 0.06 sec. |
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Liability A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.
Liability. In personal finance, liabilities are the amounts you owe to creditors, or the people and organizations that lend you money. Typical liabilities include your mortgage, car and educational loans, and credit card debt. When you figure your net worth, you subtract your liabilities, or what you owe, from your assets. The result is your net worth, or the cash value of what you own. In business, liabilities refer to money a company owes its creditors and any claims against its assets. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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potential responsibility for payment of damages or other court-enforcement in a lawsuit, as distinguished from criminal liability, which means open to punishment for a crime. Despite the fact that this bill was instituted by the federal government in 2004, Desroches says that many employers are slowly coming to realize its full impact, which attributes criminal liability and thereby hefty fines and possible jail time for individuals who fail to ensure that their employees are working within a safe, regulated environment. In addition, the Privacy Act of 1974 and IRC section 6103, which prevent unlawful disclosure of taxpayer information, also apply to PCAs, potentially subjecting their employees to civil and criminal liability. |
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