assume liability for

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Related to liability: capital, revenue, Assets and Liabilities, Total Liabilities

assume liability for something

to accept the responsibility for paying a cost. Mr. Smith assumed liability for his son's student loans. The store assumed liability for the injured customer's hospital bills.
See also: assume
References in classic literature ?
The liability of shipping another such sea was enormously increased by the water that weighed the boat down and robbed it of its buoyancy.
For me the district institutions simply mean the liability to pay fourpence halfpenny for every three acres, to drive into the town, sleep with bugs, and listen to all sorts of idiocy and loathsomeness, and self-interest offers me no inducement.
I suppose I can't very well turn myself into a Limited Liability Company.
He quite realises my idea of King Lear, as he appeared when in possession of his kingdom, Mr Richard--the same good humour, the same white hair and partial baldness, the same liability to be imposed upon.
The doctrine of liability that essentially makes one party responsible for the misconduct of another is known as "vicarious liability" There are a host of legal doctrines that can result in vicarious liability in the alliance setting.
FAS 156 requires an entity to recognize a servicing asset or servicing liability each time it undertakes an obligation to service a financial asset by entering into a servicing contract.
The final regulations provide that a disregarded entity's net value equals the fair market value (FMV) of all its assets that may be subject to creditors' claims under local law, including enforceable rights to contributions from its owner, but excluding its interest in the partnership for which the net value is being determined (if any) and the FMV of property pledged to secure a partnership liability (already taken into account under Regs.
Sellers want to be free of environmental liability after the sale, while buyers are reluctant to assume liability for a potentially contaminated site.
Under the respective plans, the liability for the year-end compensation must be fixed and the amount must be determined with reasonable accuracy (e.
Nonprofit camp organizations are more likely than for-profit camps to carry fiduciary liability insurance protection in a management liability package.
Private companies take on additional liability risk when they act like their public peers.
While the Board does not have comprehensive data on lender losses because of CERCLA liability to date, clearly significant losses have already occurred.
But in the history of special interest politics, the California Civil Liability Reform Act breaks new ground.
But, one of the critical issues underlying this question is the risk of diluting your camp's liability insurance limits when many organizations are included as Additional Insureds.
Calling AMT a "minimum" tax is a misnomer, It is actually an alternative "maximum" tax because a company is required to calculate its tax liability in two different ways.