A trade secret generally includes any information used in the course of trade or business which lends a competitive advantage and is not generally known within the trade or industry. In order to claim something as a trade secret, it must not be common public knowledge, it must have demonstrable value, and it must be protected and maintained as confidential by the owner. A formula, process, or information that is secret, and gives its owner a business advantage may be protected under State laws concerning trade secrets. Trade secrets, basically, are any formula, device, or information that is used in a business, and is of such a nature that it gives the owner an advantage over competitors who do not have the information. Trade secrets are protected under State law rather than Federal law. This protection may be by virtue of common law or statutory law, such as the Uniform Trade Secrets Act.
When a trade secret is made public, it loses its protection as a trade secret unless it is disclosed in a restrictive manner to persons who know of its confidential nature.