Liabilities are the claim against those resources which a business owes to outsiders (creditors) .

It is the amount payable by the business for proprietor is called liabilities
The economic value of an obligation or debt that is payable by the enterprise to other establishment or individual is referred to liability. To put it in other words, liabilities are the obligations that are rising out of previous transactions, which is payable by the enterprise, through the assets possessed by the enterprise.
Liability =loan creditor etc