Most successful business owners take pride in their operation, and will typically know things that their competitors do not. While it is quite obvious that business owners will want to keep this a secret, sometimes people are unsure how. Continue reading to learn about how you can protect your trade secret, and reach out to our skilled New Jersey intellectual property attorneys to speak on the specifics of your case and your options.
What is a trade secret in New Jersey?
A trade secret is classified according to the following requirements: the information must be secret, have commercial value because of its secrecy, and the owner must take the necessary steps to keep it private.
Essentially, a trade secret indicates that your business must benefit from this secret, and having the secret leaked would harm your business. One of the most common examples of something that a business may want to keep hidden is a recipe or formula.
There are several steps that you should take in order to ensure that your trade secret remains a secret. It is also important to recognize that there is no formal document that must be filled or submitted in order for your trade secret to be valid.
How can I protect a trade secret?
One of the most significant things that you can do to keep a trade secret is quite obvious, but keep it in your own possession. You should tell as few people as feasible. By limiting the number of people who know the secret, the better the chance you have of a potential of not spreading the secret. But, it may not be realistic for you to keep this secret solely to yourself. Fortunately, there are some steps you can take in cases like these. If feel like you need to tell someone your secret, you can enforce that they sign a confidentiality agreement. If they infringe upon the confidentiality agreement, it is grounds for pursuing legal action against the party who reveals information. Confidentiality agreements can be the solution to protecting the information of such high importance.
Do not wait to reach out to our firm today if you have any questions concerning trade secrets in New Jersey. Our skilled legal team is dedicated to ensuring you and your business are protected.
Contact our Firm
The Law Offices of Richard E. Novak, LLC has over 25 years of experience helping clients through tough times when they need it most. If you need assistance with any intellectual property, traffic violations, or business law matters, our firm is here to help. It is critical that you pick the right attorney who can protect your rights. Contact The Law Offices of Richard E. Novak, LLC for a consultation.