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Instead of buying the asset outright, the company agrees to pay for its use, often in monthly or annual installments. gross vs net<\/a> Lease liabilities are another important example of long-term liabilities that many businesses deal with. These arise when a company rents or leases assets like buildings, equipment, or vehicles for a period longer than one year. Long-Term Liabilities are obligations that do not require cash payments within 12 months from the date of the Balance Sheet.<\/p>\n<\/p>\nWhat are Deferred Tax Liabilities?<\/h2>\n<\/p>\n