Generally speaking, a  trade secret is a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.

Under U.S. Federal Law and under the law of most states a trade secret is information which the owner has taken reasonable measures to protect, and which derives independent economic value from not being publicly known.

While Trade Secrets are typically proceted by some state, or even federal, statutes, procedures must be undertaken to maintain their secrecy.  For example company policies should be instituted to secure such secrets and to prevent thir disimination absent a Non-Disclsure Agreement, or the like.