Bill Karwin's answer was the most useful of the answers from the question mentioned in the comments. Assuming that you will go ahead with a "protection" scheme, try to do the bare minimum. Anything else tends to frustrate users immensely and leads to lower repeat business and/or an increased desire to hack around your frustrating system.
From your question, it's tough to tell if each user will install the application. If so, you probably just need to require a license code that they must contact you in some way to get. If it's a client-server thing, then your options are a lot more limited; in fact, I can't think of a single solution I've ever designed in my head or come across in practice that isn't massively frustrating. You could probably do a license code solution here, too, except the license code would somehow carry a payload that indicated the number of users they paid for and then disallow the creation/use of users in excess of that number. At that point, though, you're really walking that frustration line I mentioned.