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What counts as a trade secret?

On Behalf of | Oct 17, 2021 | Business Law Litigation

A business’ competitive edge is one of its most important assets. Having specific things unique to the company are what will set it apart from other options, allowing it to more effectively attract potential customers and clients. In specific situations, these assets are called trade secrets, and there are legal steps a Florida business can take that will allow it to protect its long-term interests and financial security. 

Closely held information 

There is a difference between a unique business or marketing strategy and a trade secret. Trade secrets are defined as intellectual property rights, which means they are intangible yet critical assets. It is confidential and closely held information eligible to be sold or licensed, which may include the following: 

  • A secret that has commercial value 
  • Something known only to a small group of people 
  • Subject to legal protection by the owner 

The rightful holder of a trade secret can do specific things that will allow him or her to protect this asset. This may include a non-disclosure agreement with employees, confidentiality agreements and more. The theft or misuse of a trade secret could be grounds for legal action through which the rightful owner can pursue damages and other remedies. 

Strong protection necessary 

Strong protection for trade secrets is necessary. A Florida business would be wise to speak with an attorney regarding the right way to protect trade secrets and what legal steps are necessary to do so. When these assets are secure, it will preserve a company’s competitive advantage and property rights.  

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