Business liabilities are best defined as the financial obligations or responsibilities of a business. Liabilities should not be construed as a negative. Rather, they are a necessary obligation that proves essential to the company’s progression. In short, liability is almost always necessary for a business to excel. So don’t misconstrue business liabilities with legal liabilities. Legal liabilities have negative connotations while business liabilities should be thought of in a more positive light. Let's take a closer look at what business liabilities are all about.