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Perfect Science Trade Secret
What's the most valuable trade secret in the world? If your answer is "the formula for Coca-Cola," most experts would say you're right. It's amazing but true. The incredibly valuable formula for Coca-Cola isn't protected by a patent, a trademark--although the names "Coca-Cola" and "Coke" are both registered trademarks--or a copyright. The formula for Coca-Cola is, and always has been, just a lowly trade secret. A trade secret is basically any information that's unique and valuable to your business but isn't known to people outside of your business. Trade secrets can be protected under state and federal law. However, in order to be classified and legally protected as trade secrets, there are five key rules that a business must generally follow regarding the information. Trade Secret Rule #1: Trade secrets must really be secrets. In other words, a trade secret must be any type of information used in your business that's not genera...