What are business liabilities?

[Suba]

In the business/company world, we will always find the terms assets and liabilities. The term assets is often discussed on the DBucks forum, and I also want to understand both. I often encounter the term liabilities in various financial and business articles, but what is meant by liabilities, how to classify various types of liabilities and examples, do liabilities have certain characteristics, and how to analyze liabilities?

 

[Min George]

Any pending payments that a business has to pay is its liabilities. Examples of them are staff salaries, payment for credit supplies etc.

 

[Suba]

That's right, all unpaid obligations are considered as liabilities such as employee salaries payable, building rent payable, tax payable, accounts and notes receivable.