Why do business owners have to know about the types of liabilities? It should be noted that not all liabilities are the same. Types of current liabilities include accounts payable, debts and taxes due in the short term. Long-term liabilities, on the other hand, include loans and other long-term debts. Liabilities are generally referred to as any obligation that a business has to pay. Through liabilities, businesses are able to learn more about their obligations.