What is a Business Trade Secret?
A trade secret is considered any source of information that economically accelerates your business or offers an upper hand over competitors. These secrets are typically known by few and include physical or nonphysical elements in your industry. Some examples of trade secrets include:
- Marketing Strategies
- Techniques or Processes
- Customer lists
If you are unsure how to proceed with your start-up or if your business holds any trade secrets in Mesa, Arizona, speak to an HPS Law Group lawyer to break down your business blueprint and help uncover critical information.
What Qualifies as a Business Trade Secret?
A trade secret qualifies as anything that adds financial value to your business by virtue of being generally unknown. Trade secrets are considered intellectual property rights on information that can be sold or licensed. Trade secrets are definable under these basic stipulations:
- It is a secret. It is not readily available to all persons.
- It offers an economic advantage over competitors by virtue of being generally unknown.
- There are specific efforts or actions taken to preserve secrecy and confidentiality.
The Uniform Trade Secrets Act (USTA), adopted by more than 45 states, provides a more in-depth analysis of what qualifies as a trade secret and its protection policies. As an entrepreneur, there are many overwhelming business concepts to juggle. A Mesa HPS Law Group attorney will expose any loopholes that may leave your business vulnerable to theft or corruption. Our attorneys will work with you every step of the way to ensure the legal process is fast, simple, and efficient for your trade secrets and business needs.
Get in Touch with a Trade Secrets Lawyer in Mesa, Arizona
A trade secrets attorney will help you to take the provisions necessary to limit access to your trade secrets. Our Mesa HPS Law Group attorneys will develop protective contracts like CNCs (covenants not to compete) or employee NDAs (Non-disclosure agreements) that prohibit affiliates from entering into a similar business or trade in competition against the primary party. Business owners risk losing their valued information if they happen to disclose the secrets without these confidentiality agreements in place. The courts may state that the business did not make sufficient efforts to protect their trade secrets resulting in a claim dismissal. Call our offices in Mesa, Arizona, to get your trade secrets audit at once. HPS Law Group will match you with the best attorney suited for your business.
How Much Does it Cost to File a Trade Secret?
There are no filing or registration costs involved in obtaining trade secret rights. The direct costs for trade secret claims would go towards the security measures implemented to conceal the secret, including security code protection, safehouses, or schedule changes to avoid conflict. The efforts taken to safeguard the business are entirely up to the business owner. If you are a business owner that needs security assistance or ideas for your trade secret, an HPS Law Group lawyer can help. We have offices throughout Mesa and Tucson, Arizona. Reach out to discover more options that will benefit your business.
How Long is My Trade Secret Protected?
The duration of time a trade secret remains under protection is up to the business owner and their affiliates. As long as your business trade secrets remain confidential between you and the trusted associates involved, the longer the mystery will remain covered through the policies of The Uniform Trade Secrets Act (USTA). Having an effective non-disclosure agreement and including clauses governing trade secrets or confidential information in your agreements is an effective way to ensure privacy. Signing an NDA agreement between parties can occur at any instance if the secret is not compromised. With federal legislation in effect, the enactment of the Defend Trade Secrets Act (DTSA) now protects trade secrets under federal law.
Can I Buy or Sell a Trade Secret?
Trade secrets or “know-how” can be bought or sold similar to any other form of intellectual property. The company may disclose and sell its secrets if it benefits them to do so. Additionally, an authorized person can gain access to the secret if the owner chooses.
If you are a business owner in Tucson or Mesa, Arizona, in need of legal guidance for your business trade secrets, speak to an HPS Law Group representative today. Our attorneys have extensive experience in many business areas, including; patents, estate planning; intellectual property; and trademarks. Whether you are an established business or just starting, HPS Law Group understands what companies need and will help facilitate an easy legal journey to keep your business thriving. Join our community of successful testimonials with years of positive results from large companies and entrepreneurs in our hub. We offer many legal and property services ranging from law counsel, guidance, and clarity to asset management. Contact our office today to receive a free consultation and learn about your options.