liability /laɪəˈbɪlɪti/ noun6 •An obligation, debt or responsibility owed to someone.Those products – known as liability-driven investing, or LDIs – help offset liabilities and risks on pension funds’ books. — 2022 •Any kind of debt recorded on the right-hand side of a balance sheet. •A handicap that holds something back, a drawback, someone or something that is a burden to whoever is required to take care of them; a person or action that exposes others to greater risk. •(informal) A person on a team that is more of a hindrance than a help.You're a bloody liability sometimes! •The likelihood of something happening. •The condition of being susceptible to something. formsliabilities