Trade secrets are a type of intellectual property that differ from patents and trademark. As such, a St. Louis business law firm can help advise their business clients about how to protect them from being misappropriated.
The Basic Character of Trade Secrets
The definition of a trade secret can vary widely from state to state. Essentially, a trade secret is a recipe, formula or other method of production that is known only to its creator and/or manufacturer. Naturally, businesses with a unique method of production have an interest in keeping that process secret from their competitors.
Issues Involved in Protecting Trade Secrets
As a St. Louis business lawyer can explain, trade secrets aren’t registered like patents or copyrights. As such, businesses tend to craft their own policies for protecting trade secrets. A common practice is to have employees sign a non-compete and/or a non-disclosure agreement to prevent them from taking or selling the trade secret to another company. This can be a big issue for employees who leave the company and seek employment in the same field. Non-compete agreements may be necessary. If a business owner believes a trade secret has been stolen, a business attorney can assist with what steps to take. A lawsuit may be the appropriate course.
To learn how to protect your company’s intellectual property, contact an experienced St. Louis business law firm. To set up a consultation with the Law Office of Christopher Bent, call 314-551-0898.