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What causes QuickBooks Error 3371 Status Code 11118?

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Error 3371: Could not initialize license propertiesWhen you activate or open QuickBooks Desktop, you see one of these error messages:

Could not initialize license properties. Error 3371: QuickBooks could not load the license data. This may be caused by missing or damaged files.
Could not initialize license properties. [Error 3371, Status Code -11118] QuickBooks could not load the license data. This may be caused by missing or damaged files.

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