The license is floating, simply move it to the live install and it'll continue to function. If you should have any problems after the move then please let us know. A license is permitted to 1 development (avoid large user counts and live purchases, user test modes for gateways) and 1 live site at the same time.
Kyle (Krileon) Community Builder Team Member Before posting on forums:
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ok so if I leave the CBsubs install on "mysite.com/dev" and copy over dev site to live URL - will subs still be pointing to "mysite.com.dev" ? therefore i couldnt delete that directory on my server?
I haven't see where to manually delete/edit the server location - i assume when i copy over the site to the live URL - all that will change too on the Subs Settings page.