Copying Magento Website Questions

Hello All,
New here. Thanks for looking at my question.
I have a Magento site up and running selling a product - i want to use the same design for a new website that will be branded differently and selling a new product.
What is the best way to go about copying the site?
Copy the site files and database?

Keep in mind that i want to keep the current site up and running, uninterrupted.
The new site will have a new domain of course, and will not have anything associated with old site, aside from design and function.

Any help is appreciated.

Hello, does the theme license allow you to do so.

Well, it is not possible to copy the matter of magento. As it is legally licensed. One could only view the content but now copy the matter from it.

See if this can help you; its about mirroring a Magento store, lator you can change the new one.