{"id":5100,"date":"2021-08-12T13:28:39","date_gmt":"2021-08-12T18:28:39","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/liability-and-insurance\/liability-definition.html"},"modified":"2024-05-23T02:25:16","modified_gmt":"2024-05-23T07:25:16","slug":"liability-definition","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/liability-and-insurance\/liability-definition.html","title":{"rendered":"What Is Liability?"},"content":{"rendered":"\n
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What Is Liability?<\/h1>\n
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\n By Kimberly Lekman, Esq.<\/a> | Legally reviewed by J.P. Finet, J.D.<\/a>\n | Last updated\n
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Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n <\/div>\n \n

\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Liability<\/a> is a broad term for the state of being responsible for or in debt<\/a>. Liabilities are found in the law and accounting. Someone can be subject to monetary or legal liability.<\/p>\r\n

Key Takeaways<\/h2>\r\n