A liability that is shared by a group, where each member can be held responsible for the entire obligation if other members fail in their undertaking. Commonly found in partnerships and co-signed agreements.
A company within a group of companies responsible for accounting for both output and input tax for value-added tax (VAT) purposes, and ensuring the quarterly VAT return for the group is submitted. All companies in the group share joint and several liability for any VAT due.
Several liability is a legal concept in which multiple parties can be held independently responsible for their own specified obligations or debts in a contractual agreement.
