l. the sum of debts one has to others; the total of claims or
potential claims against a person,
company,
business, etc.
2. the total of claims made or able to be made against a
corporation. Such would
include claims for payment of accounts, wages,
taxes accrued,
dividends declared payable, long-
term or
fixed liabilities like
bank loans,
debentures,
mortgage bonds, etc.