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What does liabilities mean?

Looking for the meaning or definition of the word liabilities? Here's what it means.

Noun
  1. plural of liability
  2. (finance) 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.
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Examples
A further objective is to encourage withholders who cannot remit deductions by the due dates to notify us of the existence of liabilities.
John signed the management representation letter without qualifying the positive assertions about the company's tax filings and liabilities.
Falling stock markets have caused yawning gaps to appear between the assets and liabilities of final salary pension schemes.
There is an inherent uncertainty in any actuarial estimates of asbestos liabilities.
It confirmed the existing boundary and released the Free State from the significant financial liabilities it had incurred under the Treaty.
The Data Processing Center of the Treasury Service reconciles taxes paid with taxpayer liabilities generated in the tax billing process.

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