ENTREPRENEURSHIP

Detailed explanation-1: -Liability is legal responsibility for something.

Detailed explanation-2: -liability, in law, a broad term including almost every type of duty, obligation, debt, responsibility, or hazard arising by way of contract, tort, or statute.

Detailed explanation-3: -Liability usually means that you are responsible for something, and it can also mean that you owe someone money or services. For example, a homeowner’s tax responsibility can be how much he owes the city in property taxes or how much he owes the federal government in income tax.