Liabilities are debts, or money that must be paid. Usually debt on terms of less than five years is called short-term liabilities, and debt for longer than five years is called long-term liabilities.

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Bplans GlossaryBplans Glossary

At Bplans, it's our goal to make it easy for you to start and run your business. The Bplans glossary of common business terms will help you learn about key small business and entrepreneurship topics.