- Business Licensing & Taxes
Business Licensing & Taxes
All businesses located or doing business in Lake Forest Park must be licensed. A business license application must be completed, signed and submitted, along with the business license fee which is $40 annually for a business within the city and $80 for a business outside the City. In most cases applications are processed in 1-3 business days. Following processing and approval a business license is mailed to the business address for display at the business location. (LFP Municipal Code, 5.02.030).
All businesses, including Home Occupation Businesses, must comply with the land use code governing the property where the business is located. Home Occupation Business applications are subject to review by the Planning Department.
On a quarterly basis, a business tax of two tenths of one percent of the gross proceeds of the business is due and a tax return will be mailed to the business owner. Businesses collecting less than $5,000.00 per quarter in taxable income shall not be required to pay business tax. The signed return and the tax payment, if applicable, are due one month after the end of each quarter. (LFP Municipal Code 5.04.030).
Taxes that are delinquent will be turned over for collection. The business owner is responsible for any and all collection fees, attorney and legal fees.
FileLocal is an agency operated by participating cities to offer a web based option that allows users to transact business with multiple cities in one virtual location. Using FileLocal you may file business license applications, pay business license renewals, and file and pay local B&O tax returns. Participating cities include: Seattle, Bellevue, Everett, Tacoma, Renton, and Lake Forest Park (LFP).