Error regarding LicenseManager

When installing a min site with a min database for the first time you may run into the following error message when logging into the workarea or in the event viewer: 

Error Message:

Receive following in the event log
Timestamp: 3/10/2014 5:05:13 PM
Message: Exception thrown from: /
Object reference not set to an instance of an object. at Ektron.Cms.DataIO.LicenseManager.LicenseManager.a()
at Ektron.Cms.DataIO.LicenseManager.LicenseManager.a(EkRequestInformation A_0)
at Ektron.Cms.DataIO.LicenseManager.LicenseManager.IsEIntranetSite(EkRequestInformation reqInfo)
at Ektron.Cms.User.EkUser.logIn(String username, String Password, String ServerName, String Domain, String Protocol, Boolean autologin, AutoAddUserTypes AutoAddType, Boolean ForceLogin) at Ektron.Cms.DataIO.LicenseManager.LicenseManager.a()
at Ektron.Cms.DataIO.LicenseManager.LicenseManager.a(EkRequestInformation A_0)
at Ektron.Cms.DataIO.LicenseManager.LicenseManager.IsEIntranetSite(EkRequestInformation reqInfo)
at Ektron.Cms.User.EkUser.logIn(String username, String Password, String ServerName, String Domain, String Protocol, Boolean autologin, AutoAddUserTypes AutoAddType, Boolean ForceLogin)
Category: Error
Priority: -1
EventId: 0
Severity: Error
Title:
Machine: SADC1ASPOCD1
Application Domain: /LM/W3SVC/2/ROOT-1-130389446608299975
Process Id: 660
Process Name: c:\windows\system32\inetsrv\w3wp.exe
Win32 Thread Id: 1936
Thread Name:
Extended Properties:

In MS SQL Server, right-click and go to the properties for the database, click options then slide down to Miscellaneous area, set the following values to False:

ANSI NULL Default
ANSI NULLS Enabled
ANSI Padding Enabled
ANSI Warnings Enabled
Arithmetic Abort Enabled
Concatenate Null Yields Null
Date Correlation Optimization Enabled
Numeric Round- About 

Typically these values would be false if the MS SQL Server installation took the defaults.