liability

1. Finance: A claim against the assets, or legal obligations of a person ororganization, arising out of past or current transactions or actions. Liabilities require mandatory transfer of assets, or provision of services, at specified dates or in determinable future. 
2. Accounting: accounts and wages payable, accrued rent and taxes, tradedebt, and short and long-term loans. owners' equity ...

But time and effort involved in setting up a business structure with lessliability can be costly, as well.