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What is the definition of a trade secret?

On Behalf of | Mar 25, 2022 | Business Law Litigation

A business has the right to take definitive steps to protect its interests and specific things that provide the company a competitive advantage. One of these things is a trade secret, which includes different types of intellectual property that distinguish a Florida company from the competition. There are legal protections available to a business that wishes to shield closely held proprietary information from unauthorized access or use.

Protecting important information

Trade secrets can include certain things not generally known outside of the company, and it is often the result of extensive research, experience and first-hand knowledge. There are certain limits to what counts as a trade secret, and these include the following:

  • The company must make a reasonable effort to keep it from the public.
  • The trade secret must bring certain economic value.
  • The trade secret must contain or involve valuable information.
  • Trade secrets involve secret processes and practices that provide an advantage to the owner.

If a company has a valid trade secret it wishes to protect long-term, it is important to take the necessary steps to secure the appropriate legal protections available.

Securing business interests long-term

Trade secrets are some of the most valuable assets owned by a Florida company. Like other physical assets, it is prudent to protect and shield these assets as much as possible, specifically by seeking the necessary legal protections. A business may find it helpful to discuss their trade secret concerns with an experienced attorney in order to understand what steps will be most appropriate for the individual situation.

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