Trade Secret is a type of intellectual property which protects confidential information used in the course of conducting business. Unlike patents, copyrights or trademarks, trade secrets are not available to the public. Thus, they are kept secret. Anything that is considered propriety information, such as a recipe (e.g. “secret sauce”), method or process, customer list, formula, etc., which is not generally known to the public that brings an economic advantage to the owner of this information is considered a protectable interest.
Trade secrets are protected both by State law and Federal law. Improper use or disclosure of a trade secret is generally considered as misappropriation of a trade secret and/or unfair competition.
