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I want to create a wordpress multisite and charge my members a monthly fee to use it. Is this okay under the license agreement?

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The license is for the code, not the use cases you can imagine. :) – kaiser May 29 '12 at 8:42
So yes you can charge money. – janw May 29 '12 at 9:58

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Yes. The GNU General Public License explicitly allows for charging for redistribution (which you're not actually doing in this case):

You may charge a fee for the physical act of transferring a copy...

...and explicitly allows for unlimited usage rights:

Activities other than copying, distribution and modification are not covered by this License; they are outside its scope. The act of running the Program is not restricted...

Note that there are already several commercial services based on providing WordPress as a service, including Automattic (wordpress.com), WPEngine, and others.

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