Liabilities that a company must pay but that are too small to record separately on a balance sheet. That is, other liabilities are all miscellaneous obligations that a company lumps together on financial statements.
Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately.
This option has the downside of putting each of the partners in the chain of title, exposing them personally to possible environmental remediation liabilities and such other liabilities as are inherent in real estate ownership.