The businesses located in Lake Paul are South Mountain Storage, Robars Christmas Tree Farm and a number of independent loggers. There is also a Fire Department and a Community Hall that is used as a church and Sunday School. The hall was originally the school which operated until 1965 when the children were bussed to St. Mary's.
A legend in Lake Paul says a man found gold in the ground. He was scared that somebody would find it so instead of mapping the location he remembered by the trees around it. A big forest fire burned most of Lake Paul in 1921. The man couldn't find the gold because all the trees had burned. It is said the gold could still be there and who knows maybe someday it will be found.