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English definition of “long-term liability”

long-term liability

noun [usually plural]     (also fixed liability) ACCOUNTING, FINANCE
a debt that does not need to be paid for at least a year : Strict rules have been blamed for forcing life insurers to sell shares in order to fund long-term liabilities → Compare current liability, non-current liability
(Definition of long-term liability noun from the Cambridge Business English Dictionary © Cambridge University Press)
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