Long-term liabilities are debts and liabilities owed by a business that are ultimately due more than a year from the current date.

Name: Long-term liabilities are debts and liabilities owed by a business that are ultimately due more than a year from the current date.
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Long-term liabilities have a repayment period of more than one year from the balance sheet date. Examples include bonds payable, long-term loans, and deferred taxes.

Long-Term Liabilities Are Debts and Liabilities Owed by a Business