Louisiana, like many other states, recognizes the need for companies to be able to protect intangible assets such as trade secrets that give their companies a competitive advantage over their competition.
The Uniform Trade Secrets Act has been adopted by most states. It legislates, defines and protects trade secrets. Generally speaking the legal definition of a trade secret is some piece of information which has economic value first, by not being generally known, and second, because it can reasonably be maintained a secret. The Uniform Trade Secrets Act is broad but can protect almost any information that gives the business an advantage in the market. While the following information is not legal advice, it should help companies understand how they can do their part in protecting their assets.