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What is a trade secret?

Date: 11/21/2010 | Category: Start a Franchise | No comments

A trade secret can be defined as business information that derives independent economic value. A trade secret is something that is meant to stay undisclosed. When a trade secret is leaked‚ other people could potentially benefit from its financial value.

This is why a trade secret is usually considered to be classified information. A trade secret may be a formula‚ recipe‚ process‚ specific product design or other business information that is not public knowledge. Because trade secrets provide economic benefit to a business or a corporation‚ they are protected by the Uniform Trade Secrets Act.

Under the Uniform Trade Secrets Act‚ anyone who steals‚ misappropriates or unlawfully disseminates a trade secret may be punished under U.S. law. What this means is that if someone has stolen or misappropriated your classified business information‚ then you may choose to file a lawsuit and pursue financial damages. Under the Uniform Trade Secrets Act‚ a violation may be punishable by fines of up to $500‚000 or imprisonment of up to 15 years.

To take legal action against the theft of your trade secret(s) in New Jersey‚ you can seek help from a Monmouth franchise lawyer. A Monmouth franchise lawyer can represent your legal interests in a formal court of law‚ when necessary. 

Contacting a Monmouth Franchise Lawyer

If you are an entrepreneur who is interested in franchising your business there is a lot you need to know‚ including the significance of evaluating your trademark and how to approach the preparation of your FDD. For a limited time‚ get Monmouth franchise lawyer Charles N. Internicola‚ Esq's franchise law report to determine whether or not your business is right for franchising. Contact us today at 1-800-976-4904 for more information about Mr. Internicola's franchise law services in New Jersey and how he assists entrepreneurs franchise their business nationwide.

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