long-term liability

That which is owed to creditors but does not need to be repaid in the short term (generally longer than a year).Long-term liabilities of a business organization may include bank loans, mortgages, and debentures.

The size of the long-term liabilities in relation to the organization's equity (the gearing ratio) will be an important determinant of how easily it can borrow more money and expand. Lenders will be reluctant to lend to companies which are already relatively highly indebted.