Estimating the cost of a transaction

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Dollars and sense: cost of legal fees for buying or selling a business

One of my favorite things to do is assist clients in buying and selling businesses.  I feel honored to be involved in such an important business/life decision, especially when the client has worked for many years to build the business to a point where it is ready for sale, or where the purchase of a new company represents a new chapter in the buyer's life.  During the intial meeting, clients always ask how much the fees will be.

Keeping your secret secret

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Secretive trade secrets

My previous tip discussed the general definition/qualifications for information to be considered a "trade secret." The next logical step is protecting that trade secret. The good news is that trade secrets are protected without any procedural formalities such as registration or certificates. Another happy fact is that the a trade secret can be protected for potentially infinite duration. For these reasons, the protection of trade secrets may appear to be particularly attractive for SMEs.

Shhhh... it's a trade secret!

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What is a trade secret?

Trade secrets can differentiate and add value to a business without the expense and formality of applying for a patent. The Uniform Law Commission drafted the Uniform Trade Secrets Act ("UTSA") in 1979 (since amended and supplemented) in order to better protect trade secrets for U.S. companies operating in multiple states. The UTSA aimed to create the same standards and remedies across state boundaries regarding the misappropriation of trade secrets, rather than applying the patchwork of laws that various states had created.