Quick answer: If your trial period expires, Liquid Notes will continue to work normally - yet, it is not possible to make a connection to the sequencer or save a project / export a file.
[Update, 13 Oct 2017: A new license management system is used as per today, which provides a separate demo version of Liquid Notes. The information in this FAQ remains valid.]
Expiration of the trial period and limited set of featuresLiquid Notes comes with a license manager that handles your trial period. If your trial period has expired you will be able to continue to use Liquid Notes, yet with a limited set of features: connection to a sequencer and saving a project is not allowed anymore, all other features remain fully active.
In other words, you can use Liquid Notes as you would when operating it in stand-alone mode with the only limitation that you cannot save a project or export a file.
You may also ask for a reactivation of your trial period in case you haven''t had a possibility to test Liquid Notes thoroughly.
Read more about how to do this in this article - http://re-compose.desk.com/customer/portal/articles/848276.