Every forum needs it's own license. This is from the FAQ at vb.com:
Quote:
I have purchased a license. Am I allowed to run two copies of vBulletin?
You must hold a valid vBulletin license for each individual installation of the software (regardless of whether the two installations are on the same domain name or server). For example, if you wish to install one copy of vBulletin at http://www.yourserver.com/forum1/ and another copy at http://www.yourserver.com/forum2/, you will require two licenses. Please note that the license agreement specifies that you must submit the URL where your vBulletin license(s) are installed (via the online members area). For complete licensing terms and conditions, please click here.
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