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If good communication channels are not in place, one family member may end up dominating the business.
Trade Secret
Confidential information that provides companies with a competitive edge and is not in the public domain, such as formulas, patterns, compilations, programs, devices, methods, techniques, or processes.
Nondisclosure Agreement
A legal contract between at least two parties that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to or by third parties.
Copyright Violation
The infringement of copyright, which occurs when someone uses copyrighted material without permission in a way that violates one or more of the rights granted to the copyright holder.
Provisional Patent
A temporary patent filing that allows an inventor to quickly secure a filing date for their invention while they prepare to submit a full patent application.
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Q97: Ethics are about following cultural norms.