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TeachMeFinance.com - explain liability liabilities -- Includes accounts payable (money you owe to suppliers), plus all current costs of doing business (mortgage payments, insurance, taxes, salaries, utilities). another definition... Liability -- Debt owed by the company such as bank loans or accounts payable. another definition... liability -- an item of value that is part of the overall debt or obligation of a person or business. For example, a mortgage is a liability of the homeowner/borrower, but the same mortgage is an asset of the savings and loan/lender. At savings institutions, savings deposits and all borrowed money are considered liabilities. Net worth, or regulatory capital, is accounted for as a liability because it is an obligation of the institution to its owners. See asset. historic definition... Liabilities -- Obligations ; debts. Liability. Responsibility for loss or damage ; an obligation. For the liability of an agent (or broker) see Agent. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.