Everyone is familiar with the "legendary" tales of the Coca-Cola secret formula: only two corporate executives are privy to the formula,1 and the actual, written recipe is locked away in a chrome vault.2 While these tales may be somewhat exaggerated, the importance of protecting your company's trade secrets cannot be overstated. According to a recent survey, one in five companies has been the victim of trade secret theft, and only one-third of companies have action plans for responding to trade secret theft.3 Undergirding the protection of trade secrets in Louisiana is the Louisiana Uniform Trade Secret Act ("LUTSA").4 Under LUTSA, companies are equipped with various tools to protect their trade secrets,5 and to recover damages when its secrets are stolen or misappropriated.6
A smooth transition when selling your business
If one of your goals for the coming year is to sell your business, you likely have mixed emotions about it. Perhaps this is something you have been contemplating for a while, or circumstances have told you this is the right time to let it go and try something new.
Starting a new business involves numerous steps
Perhaps it has been a lifelong dream of yours to start your own business. Instead of continuing to wait for every condition to be just right, you have decided to take the plunge. You know that you must make numerous decisions before you can even open your doors.
When would I need an NDA?
If you own or work for a company in Louisiana and are looking to hire an external agency to help you with some advertising campaigns, you will likely have to share sensitive business information with them. Similarly, if you are considering a merger with another company, your conversations with people at that business will no doubt involve the disclosure of confidential data about your sales, marketing, products or services.
Tips for non-compete agreements in Louisiana
Protecting Your Business
4 reasons to pick Louisiana for business operations
Naturally, most business owners choose to conduct operations in the state in which they currently live. However, it can sometimes be advantageous to explore other locales. Here are a few reasons why new entrepreneurs and established corporations alike may want to pick Louisiana as the site of their business operations:
Tips for maintaining tax-exempt status
It is common knowledge that charitable organizations generally qualify for tax-exempt status. After all, they are not in business to make a profit, so it makes sense that they do not have to pay annual taxes to the IRS. However, what many people do not realize is that it is possible for a charitable organization to lose its status as a tax-exempt “501(c)(3)” under the IRS rules.
How important is building trust with customers?
If we do not trust a particular medical professional, we do not allow him or her to treat our ailments. If we do not trust a certain politician, we do not vote for him or her. We instinctively understand that trust is a critical factor when it comes to interacting with individuals.
Stopping scams against small businesses
When it comes to the victims of financial scams, most of us envision elderly individuals who are duped into giving away their retirement savings, or something similar. However, many financial scams actually target companies and business owners.
Disclaimers can sometimes do more harm than good
Many business professionals think of disclaimers as impervious shields, lines of fine print that guard against all lawsuits. If marketing practices are edging into questionable legal territory, many companies simply slap a disclaimer on it. That is an all-too-common solution.
