Here is the thing.
First, if the software is not within your employment scope, then it does not belong to your company. Of course, whether it is within the scope is subject to interpretation. If it is valuable, you can be sure your company will try to get the assignment.
The major issue is, however, if you can patent the software. Last month the Federal Circuit decided the Bilski case, which basically announced the death to any software patent. Before Bilski, the controlling law was State Street Bank, which said as long as you can attach it to tangible form, you may claim a patent. Although Bilski did not overrule State Street Bank, many observers believe essentially you cannot get a software patent anymore, even if you attach a computer or some kind of machine claim. So that, the only way you can get protection of software is to register in the Copyright Office. You already had copyright protection since you wrote it but to be able to sue under Copyright Act and get federal remedies you must register.
First, if the software is not within your employment scope, then it does not belong to your company. Of course, whether it is within the scope is subject to interpretation. If it is valuable, you can be sure your company will try to get the assignment.
The major issue is, however, if you can patent the software. Last month the Federal Circuit decided the Bilski case, which basically announced the death to any software patent. Before Bilski, the controlling law was State Street Bank, which said as long as you can attach it to tangible form, you may claim a patent. Although Bilski did not overrule State Street Bank, many observers believe essentially you cannot get a software patent anymore, even if you attach a computer or some kind of machine claim. So that, the only way you can get protection of software is to register in the Copyright Office. You already had copyright protection since you wrote it but to be able to sue under Copyright Act and get federal remedies you must register.