I usually hear liability in businesses. But what are they really? I have heard that liabilities take money from a thing. What are typical examples of business liabilities? How are those business liabilities incurred?
What are typical liabilities of a business organisation?
- Thread starter King Belieal
- Start date
Social responsibility should be practiced by any company in this world. Harming their target customers through the use of their services and products. It is unacceptable if they are not doing the right thing for personal gain by cheating them.
I think that the amount you owe to all manner of creditors is summarily termed as your business liability. Business liabilities are to be managed so they don't become bloated.
It is always good for a business to avoid liabilities as much as possible in their business so as not to spend so much of revenue in servicing liabilities.
Unsold stocks could be a liability apart ofcourse from creditors knocking at your door for payment