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What is "liabilities"

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liabilities
The Collaborative International Dictionary
Liabilities

Liability \Li`a*bil"i*ty\ (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.; pl. Liabilities (-t[i^]z).

  1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.

  2. That which one is under obligation to pay, or for which one is liable. Specifically, in the pl., the sum of one's pecuniary obligations; -- opposed to assets.

    Limited liability. See Limited company, under Limited.

Wiktionary
liabilities

n. 1 (plural of liability English) 2 (context finance English) An amount of money in a company that is owed to someone and has to be paid in the future, such as tax, debt, interest, and mortgage payments.

WordNet
liabilities

n. anything that is owed to someone else [ant: assets]