Every business has certain information that gives it a competitive advantage in the marketplace. This information as very valuable, so it is essential that it be kept secret and protected from others who might try to compete with or profit from this highly confidential and secret information.
For example, imagine having a restaurant that is known for its delicious sauce, and that restaurant is famous for its unique sauce. Perhaps the recipe has been passed down from generation to generation and has been kept a secret except from the family member who received the recipe over time. If the recipe for making that sauce was public knowledge, that restaurant would lose its competitive advantage if some competitor could make their sauce taste exactly like that restaurant's. That is why the formula or recipe for that sauce is a trade secret that is kept well-guarded and owned by that restaurant.
Intellectual property that is considered a trade secret cannot be registered with a federal agency, because doing so would require disclosure of the trade secret, and obviously the owner of that trade secret does not want that information to be made public. Therefore, trade secrets must be protected by taking steps within your business. Examples are:
If someone has or needs to have access to your business trade secrets, make sure that person or business signs a Non-Disclosure Agreement that imposes legal consequences if he or she shares that trade secret publicly.
Whether your trade secrets are written, physical, visible, etc., be sure to take steps to hide your trade secrets and protect the information by blocking or creating passwords to access it electronically.
Keep your records in order so you know where your trade secrets are located, including possible copies of them.
It is very important to take these precautions because once trade secrets become public, their value as intellectual property ceases, so do your best to keep your trade secrets protected.
Please contact Serna Legal Services at 312-601-9859 or firstname.lastname@example.org if you’d like to learn more about protecting your business's trade secrets. If you’re ready to protect your trade secrets, we can work with you to help you protect your valuable intellectual property!
This content is published by Serna Legal Services, LLC and is available for informational purposes only and is not considered legal advice on any subject matter. By viewing this content, the reader understands there is no attorney-client relationship between the reader and the publisher. The content should not be used as a substitute for legal advice from a licensed professional attorney, and readers are urged to consult their own legal counsel on any specific legal questions concerning a specific situation