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LSDefine

Simple English definitions for legal terms

current liability

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A quick definition of current liability:

Current liability: A current liability is a type of debt that a company owes and needs to pay back within one year. This can include things like money owed to suppliers, short-term loans, money owed to shareholders, and taxes that need to be paid. Basically, it's money that a company needs to pay back soon.

A more thorough explanation:

A current liability is a financial obligation that a company is expected to pay off within one year. These are debts or obligations that are due in the short term, usually within the next 12 months.

Examples of current liabilities include:

  • Accounts payable: Money owed to suppliers or vendors for goods or services received but not yet paid for.
  • Short-term debt: Loans or other debts that are due within the next year.
  • Dividends: Payments to shareholders that are due within the next year.
  • Income tax: Taxes owed to the government for the current year.

These examples illustrate the definition of current liabilities because they are all debts or obligations that a company is expected to pay off within a short period of time, usually within the next year. Companies need to keep track of their current liabilities to ensure that they have enough cash on hand to pay off these debts when they become due.

current asset | current monthly income

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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