A trade secret is information that a business keeps confidential to maintain a competitive advantage. Well-known examples include the Coca-Cola formula and the recipe for Kentucky Fried Chicken.
Unlike other forms of intellectual property ("IP"), trade secrets do not require formal registration and can remain protected indefinitely, provided the information continues to meet the legal requirements for trade secret status. Instead, non-disclosure agreements (NDAs), among other measures, are commonly used to keep the information secret.