Activates long-chain fatty acids (LCFA) by esterification of the fatty acids into metabolically active CoA-thioesters for subsequent degradation or incorporation into phospholipids. Also facilitates the transport of LCFAs into the cell, either by active transport or by decreasing the intracellular LCFA concentration (PubMed:7962057, PubMed:11477098, PubMed:12601005). Contributes, with FAA1, to the activation of imported myristate (PubMed:7962057). Also involved in long-chain base (LCB) uptake. In contrast ot LCFA uptake, LCB uptake does not require ATP, suggesting that the enzyme is directly involved in LCB uptake (PubMed:27136724). Involved in the sphingolipid-to-glycerolipid metabolic pathway, converting the shingolipid metabolite hexadecenoic acid to hexadecenoyl-CoA, which is then further converted to glycerolipids (PubMed:22633490). a long-chain fatty acid + ATP + CoA = a long-chain fatty acyl-CoA + AMP + diphosphate (9Z)-hexadecenoate + ATP + CoA = (9Z)-hexadecenoyl-CoA + AMP + diphosphate (9Z)-octadecenoate + ATP + CoA = (9Z)-octadecenoyl-CoA + AMP + diphosphate ATP + CoA + hexadecanoate = AMP + diphosphate + hexadecanoyl-CoA Interacts with FAT1. The FACS motif is required for catalytic activity and substrate specificity. Present with 31200 molecules/cell in log phase SD medium. Belongs to the ATP-dependent AMP-binding enzyme family.