Every successful business has intellectual property, or trade secrets, that should be closely guarded. These secrets can be anything from a method, formula, device, or any information that gives you a competitive advantage over your competition.
Trade secrets are not only important for your company’s growth, but its survival as well.
Examples of trade secrets include business plans, R & D information, inventions, manufacturing techniques to name a few. Each small business will need to sit down and identify their specific trade secrets they believe need to be protected.
Next, you should review the Uniform Trade Secrets Act and remember while every state recognizes some form of trade secret protection, the extent of that protection may vary from state to state.
Communication, as always, is vital to successfully guarding your trade secrets. Company policies need to be carefully outlined and access to trade secrets should be limited to those who “need to know”.
Online incorporation service MaxFilings recently added a series of informative articles on the subject. Start by looking at examples of trade secrets and if your small business has any, find out how to protect them.