If ever you’ve been present at a high school graduation, religious service, or third-grade spelling bee, you will have undoubtedly noticed a trend on the part of those speaking. The trend is to define the term on which they wish to focus their remarks by turning to Webster or Oxford or whatever dictionary they have closest at hand and then reading the precise definition. It’s an age-old practice that’s as annoying as it is predictable.Individual liability: A financial obligation for which an individual is responsible and which may be satisfied out of his or her assets (Business Dictionary).So why is individual liability of any concern to you, you ask? Well, allow me to ask you two basic questions: