sajad torkamani

In a nutshell

A liability is something that a company owes, usually a sum of money.

Examples

  • Loans (e.g., the company takes out a bank loan)
  • Accounts payable (e.g., an IT company hires contractors)
  • Wages
  • Office rent
  • Software subscriptions (e.g., Office 365, Photoshop, etc).

Sources