Recent reports say that approximately 25% of hotels cannot pay their mortgages and are at risk of foreclosure. One example is the famed Roosevelt Hotel, which survived a world war and the Great Depression during its nearly 100-year history in Midtown Manhattan, but the COVID-19 pandemic has been too much for it to weather.
A few weeks ago, we posted an article geared towards entrepreneurs who are striking it out on their own with a new business venture. We provided some tips on how to make sure you leave behind all files and documents that your former employer might classify as “trade secrets” to avoid misappropriation allegations, but closed the article by acknowledging the impossibility of leaving a workplace with a spotless mind. Let’s discuss a few of these “intangible” types of trade secrets that might seem impossible to physically leave behind.
Auto insurance, homeowner’s insurance, health insurance…you probably are a policyholder for at least one of these common types of coverage. Just as individuals can insure their cars, homes and good health, business owners have the option (and in some cases, requirement) to insure different aspects of their business.
In California, a claim made regarding misappropriation of trade secrets rests on proving two elements: 1) the existence of a true “trade secret” (discussed in our last blog post on this topic), and 2) that the trade secret was “misappropriated.”
Entrepreneurs opening up a new business will quickly run into the challenges that face small business owners on a daily basis. The Griswold Law Blog will be posting a series of articles intended to address some of the obstacles that come along with running your own business.
For many businesses, success depends upon keeping certain, key pieces of company information strictly in-house. This information might be a certain technique or formula used to create a product, a client list, or a business plan- all of these could indeed represent “trade secrets.” Yet there is no hard-and-fast list of types of information that are uniformly labeled as trade secrets. Rather, the information must fit into the definition set forth in California Civil Code Section 3426-3426.11, known as the Uniform Trade Secrets Act, or UTSA.