Trade Secrets are a deceptively simple subject. In summary, a trade secret is a
confidential piece of information (a secret) that has commercial value (value in
trade) and that the owner takes reasonable measures to protect. The classic example
of a trade secret is the recipe for making Coca Cola. Trade secret concerns often
arise in situations where employees have access to confidential information and then
leave a company.
Licensing is the process of authorizing a third party to produce, use and/or sell
your intellectual property on your behalf. For trademarks, this may be authorizing
a company to use your trademark on their product. In a patent or copyright scenario,
it may be authorizing a company to make your product or reproduce and sell your work.
While there are some commonplace terms in licensing agreements and there is data
available on average royalty rates, there really is no such thing as a standard license
agreement–they are all fairly unique and should be negotiated by a skilled attorney.
The court systems are complex and litigation is rarely desirable. However should
you need litigation services, we have extensive experience in litigating matter is
Federal and State Courts and before the Trademark Trial and Appeal Board (TTAB) and
the Board of Patent Appeals and Interferences (BPAI).
For More Information and to Get Some Entity Basics, View Our Entity Basics Presentation!
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Things to Consider?
Should I get a patent or use Trade Secret to Protect My Idea?
What about an NDA?
How much can I expect to get if I license my product?
Should I form a Company?
What entity form is right for me?
What goes in my idea submission?
Can I afford to Litigate?
Many different business forms exist ranging from sole proprietorships to Corporations
(S v. C) to Partnerships to LLCs. There are many different factors that should be
considered when choosing an entity form. Some of the things to consider are who
will be the stakeholders, where will you transact business, what is the potential
liability/exposure and the advice of your tax advisor (to identify just a few consideration).
West & Associates can assist you in selection of an entity form and handle formation
of your new entity.