Understand what tax liability is, how it's calculated, and its impact on your finances. Learn about different types of tax ...

Illinois was second in the country in total liabilities in 2022, trailing only California. The states with the least total liabilities are South Dakota, Idaho, Nebraska, Montana and New Hampshire.

A basic tenet of double-entry book-keeping is that total assets (what a business owns) must equal liabilities plus equity (how the assets are financed). In other words, the balance sheet must balance.